Actions Semiconductor Leads Declines Among Asian ADRs After Cutting Revenue Guidance


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Actions Semiconductor Co. ( ACTS ) led declines among American depositary receipts of Asian companies Tuesday as U.S. markets fell a second day. Asian markets closed mixed with Japan's stocks falling to a one-week low, while India's market declined more than 2%.

The Bank of New York Mellon Asia ADR Index fell 0.6%, in line with a 0.6% decline for the S&P 500 Stock Index. Asia ADR decliners led advancers 131 to 24.

Actions Semiconductor Co. ( ACTS ) fell 17% to $1.98 per ADR after cutting its Q2 revenue guidance on soft demand for whitebox tablet computers.

India's stock market sold off by more than 2% after the government set a railway budget that was less than what investors had estimated, leading to worries about deeper fiscal cuts. Software services company Wipro Ltd. ( WIT ) fell 1.6% to $12.12 per ADR while generic drugmaker Dr. Reddy's Laboratories Ltd. ( RDY ) declined 1.6% to $43.72.

Chinese solar stocks fell as oil futures slid on expectation of an increase in Libyan energy exports. Decliners included Jinkosolar Holding Co. ( JKS ) -7.5%, Hanwha Solarone Co. ( HSOL ) -6%, Daqo New Energy Corp. (DQ) -5.9% and Renesola Ltd. (SOL) -5.8%.

Asian ADR decliners included Chinacache International Holdings Ltd. (CCIH) -8%, Lightinthebox Holding Co. (LITB) -6.7% and Phoenix New Media Ltd. (FENG) -6.4%.

Asian ADR advancers included LG Display Co. (LPL) +2.6%, Sinopec Shanghai Petrochemical Co. (SHI) +1.6% and China Unicom Ltd. (CHU) +1.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: ACTS , WIT , RDY , JKS , HSOL

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