Ctrip.com International Leads Declines in Asian ADRs After Downgrade Following Air China Commission Cut

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Ctrip.com International Inc. ( CTRP ) led declines among American depositary receipts Tuesday after being downgraded by two U.S. brokerages. Japan's markets closed at a record high as Asian markets posted broad gains.

The Bank of New York Mellon Asia ADR Index fell 0.4%, compared with a 0.2% gain for the S&P 500 Stock Index. Asian ADR advancers led decliners 81 to 63.

Ctrip.com fell 3.6% to $57.05 per ADR after analysts at Stifel Nicolaus downgraded the Chinese travel website to a hold rating from a buy and removed their price target of $58. The analysts cited an announcement by Air China that ticketing commissions will be cut to 2% from 3% for domestic flights sold by travel agencies. Stifel said other airlines may cut commissions, too. Morgan Stanley also downgraded Ctrip.com to a hold rating from buy.


Qunar Cayman Islands Ltd. ( QUNR ), a competing travel website, fell 3.2% to $23.13 per ADR.

Asia's ADR decliners included Novogen Ltd. ( NVGN ) -2.9%, China Sunergy Co. ( CSUN ) -2.8%, Mecox Lane Ltd. ( MCOX ) -2.6% and Taomee Holdings Ltd. (TAOM) -2.4%.

Gainers included Zhaopin Ltd. (ZPIN) +8.7%, 51Job Inc. (JOBS) +5.4% and Soufun Holdings Ltd. (SFUN) +4%.



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

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities

Referenced Stocks: CTRP , QUNR , NVGN , CSUN , MCOX

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