Shire Plc (
) fell a second day from a record high reached after a sweetened
takeover bid, as American depositary receipts of European companies
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. (
) 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. (
) -3.6%, Celsus Therapeutics (
) and Flamel Technologies SA (
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
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.
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