Rediff.com Declines Alongside Asian ADRs as U.S. Stocks Retreat From Record Close

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Rediff.com India Ltd. ( REDF ) declined alongside American depositary receipts of Asian companies after reporting Q4 results. Asian ADRs fell broadly as U.S. stocks retreated from Monday's record close.

The Bank of New York Mellon Asia ADR Index slipped 0.1%, compared with a 0.2% slide for the S&P 500 Stock Index.

Rediff.com fell 6.4% to $2.37 per ADR after reporting a 4% decline in Q4 revenue to $4 million. Analyst estimates weren't available for the Indian website operator.

Prima Biomed ( PBMD ) fell 10% to $1.24 per ADR, the second day of declines after the Australian biotech firm reported interim survival data on a treatment for ovarian cancer. Australian drug companies Prana Biotechnology Ltd. ( PRAN ) -7.3% and Genetic Technologies Ltd. ( GENE ) -3.7% also fell.

Melco Crown Entertainment Ltd. ( MPEL ) fell 4.4% to $34.05 per ADR as casino operators declined after data showed gambling revenue growth slowed in May.

Ossen Innovation Co. (OSN) retreated from earlier gains to eke out a 0.7% rise to $0.82 per ADR. The Chinese specialty steelmaker on Monday said it received a contract to supply cables for the construction of five bridges in South Korea. The contract size wasn't disclosed.

ADR decliners included Cheetah Mobile Inc. (CMCM) -6.6%, IFM Investments Ltd. (CTC) -6.4%, Bitauto Holdings Ltd. (BITA) -5.6% and WSP Holdings Ltd. (WH) -5%.

Advancers included Sesa Sterlite Ltd. (SSLT) +5.1%, Concord Medical Services Holding Ltd. (CCM) +4.1%, Mechel OAO (MTL) +4.1% and Banco Macro SA (BMA) +4.1%.



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: REDF , PBMD , PRAN , GENE , MPEL

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