Markets

Alcatel Lucent Leads Gains Among European ADRs on Upgrade by J.P. Morgan

Alcatel Lucent led gains among American depositary receipts of European companies Wednesday as the region's markets advanced before Federal Reserve Chairman Janet Yellen was scheduled to speak.

The Bank of New York Mellon Europe ADR Index gained 0.06%, compared with a flat reading for the S&P 500 Stock Index. Advancers led decliners 57 to 46.

Yellen, speaking to the International Monetary Fund, said that while the Fed is mindful of financial stability in setting interest rate policy, it is not the primary focus. In fact, focusing on financial stability could bring undesirable volatility to inflation and employment, she said.

Alcatel Lucent rose 4.8% to $3.70 per ADR after analysts at J.P. Morgan Cazenove upgraded the maker of telecom equipment to an overweight rating.

Aztrazeneca Plc. ( AZN ) gained 1.2% to $75.74 to extend Tuesday's gains after CEO Pascal Soriot bought more stock in the drugmaker.

CSR Plc. ( CSRE ) rose 4.4% per $41.99 per ADR a day after Qualcomm ( QCOM ) was reported to be buying the chipmaker's Israeli operations for about $45 million.

Criteo Sa ( CRTO ) gained 3.6% to $35.47 per ADR after analysts at BNP Paribas began publishing research on the company with an outperform rating and price target of $52.

European materials companies rose as copper prices hit a four-month high after a report of job growth in the U.S. Gainers included Arcelormittal Sa. ( MT ) +2% and Rio Tinto Plc. (RIO) +1.7%, BHP Billiton Plc. (BBL) +1.5% and Ternium Sa. (TX) +1.3%.

European ADR advancers included Bank of Ireland (IRE) +2.4%, Prudential Plc. (PUK) +1.3% and Abengoa Sa. (ABGB) +1.2%.

Orange fell 4% to $15.49 per ADR after saying it won't pursue a possible merger or acquisition in France. The French phone company was reported to be in talks to buy phone company Bouygues Sa.

Ryanair Holdings Plc. (RYAAY) fell 2.6% to $54.63 per ADR as airlines posted broad declines after Delta Air Lines Inc. (DAL) reported less-than-expected international revenue.

European ADR decliners included 3D printer maker Voxeljet Ag. (VJET) -6.4%, water company Veolia Environnement (VE) -3% and Mobile Telesystems Ojsc. (MBT) -2.6%.

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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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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