Apr 10, 2012
NEW YORK (Dow Jones)--International companies trading in New York closed sharply lower Tuesday, in line with the broader market, as Italian and Spanish bond yields soared, exacerbating worries about the finances of some euro-zone nations.
The Bank of New York index of ADRs fell 2% to 123.60 as European financials tumbled.
Shares of Spanish Banco Santander SA (STD, SAN.MC) declined 3.9% to $6.51. French financials Societe Generale (SCGLY, GLE.FR) shed 6.2% to $4.85 and BNP Paribas SA (BNPQY, BNP.FR) gave up 5% to $19.95. U.K. financials Barclays (BCS, BARC.LN) and Royal Bank of Scotland Group PLC (RBS, RBS.LN) were also among the big decliners, off 5.3% to $13.01 and 3.1% to $7.70, respectively.
The European index declined 2.3% to 112.74.
Total SA (TOT, FP.FR) Tuesday said it is still in the preparatory stage of "killing" a leaking well at its Elgin platform in the North Sea, more than two weeks after it evacuated the site. Total signaled it was still weeks away from an operation to "kill" the well through heavy-mud pumping, indicating a slower time frame than expected. Shares of the French energy company declined 2.9% to $48.39.
The Asian index shed 1.5% to 123.70 and the emerging markets index lost 1.8% to 292.85.
Sony Corp. (SNE, 6758.TO) slashed its earnings outlook for the fourth time in less than a year, warning it now expects a Y520 billion ($6.4 billion) loss for the past fiscal year because of a tax-related charge from continued losses at the Japanese company's U.S. operations. Sony's stock closed off 9.3% at $18.24.
Patni Computer Systems Ltd. (PTI, 532517.BY) Tuesday reported a 13.6% fall in its first-quarter standalone net profit as expenses grew faster than revenue. Shares of the outsourcing services company dropped 2.1% to $19.32.
The Latin American index dropped 1.5% to 351.92.
Deutsche Bank cut its rating on shares of Argentina's largest oil and gas producer YPF SA (YPF, YPFD.BA) to hold from buy on Tuesday due to the deteriorating political environment in the South American country. President Cristina Kirchner and provincial governments have put unrelenting pressure on the company this year in a dispute over investment. In recent months, oil-and-gas-rich provinces have revoked more than a dozen concessions held by YPF.
YPF's stock ended 2% lower at $22.22.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; email@example.com
(END) Dow Jones Newswires
April 10, 2012 16:27 ET (20:27 GMT)