Shire Retreats for Second Day Since Abbvie's Revised Bid as European ADRs Decline; Portugal Telecom Gains


Shire Plc ( SHPG ) fell a second day from a record high reached after a sweetened takeover bid, as American depositary receipts of European companies slid.

European ADRs fell 0.4% on average, as measured by the Bank of New York Mellon Europe ADR Index. The S&P 500 Stock Index gained 0.2%. Advancers led decliners 83 to 24.

The decline was in contrast to gains in European markets on Wednesday after Chinese data showed the nation's economic growth accelerated in Q2 and U.K. unemployment fell.

Shire slipped 1.8% to $245.18 per ADR for another day after Abbie Inc. ( ABBV ) sweetened its takeover bid for the Irish drugmaker.

European drug companies were pressured a day after the Federal Reserve said valuations of smaller biotech firms appeared "stretched." Decliners included Amarin Corp. ( AMRN ) -3.6%, Celsus Therapeutics ( CLTX ) and Flamel Technologies SA ( FLML ) -1.3%.

ASML Holding NV (ASML) fell 3.4% to $87.52 per ADR after the Dutch maker of equipment used by chip companies provided disappointing 2014 sales guidance.

European ADR decliners included Voxeljet AG (VJET) -3.9%, Grifols SA (GRFS) -2.1% and Natuzzi SPA (NTZ) -2.1%.

Portugal Telecom SGPS SA (PT) gained 3.9% to $2.65 per ADR after signing an debt and equity exchange agreement with Brazilian wireless company Oi SA (OIBR) that will allow the companies' merger to proceed.

ARM Holdings Plc (ARMH) gained 2.1% to $43.78 per ADR as the chip industry posted broad gains on Intel Corp.'s (INTC) earnings report and upbeat outlook.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: SHPG , ABBV , AMRN , CLTX , FLML

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