By Anna Prior
Overseas stocks trading in New York closed lower Monday, with
the Bank of New York index of American depositary receipts falling
1.1% to 149.31.
The European index shed 1.1% to 148.1, the Asian index dropped
1% to 146.1, the Latin American index tumbled 1.2% to 270.16 and
the emerging markets index slipped 1% to 266.53.
Companies with shares that actively traded include China
Hydroelectric Corp. (CHC), Ericsson (ERIC) and Country Style
Cooking Restaurant Chain Co. (CCSC).
Chinese small hydroelectric power project owner and operator
China Hydroelectric Corp. (CHC) said it has entered into a
definitive merge agreement for a going private transaction. The
deal calls for CPT Wyndham Holdings Ltd., an affiliate of NewQuest
Capital Partners, to acquire China Hydroelectric for $3.51 per
American depositary shares. Shares jumped 23% to $3.35.
UBS lifted Ericsson's (ERIC) target price and removed the
company from its "least preferred list" after having raised its
target for global mobile infrastructure spending to 9% this year.
For Sweden's Ericsson, 2014 is likely to being about continued
earnings before taxes and interest growth, said UBS. Still,
Ericsson shares slipped 2.2% to $11.87.
Country Style Cooking Restaurant Chain Co. (CCSC), a
quick-service restaurant chain in China, said it anticipates
slightly beating the top range of its previous fourth-quarter
revenue guidance of $53.2 million to $54.8 million. The company
also said it expects same-store sales growth for the quarter to be
in the mid-single digits. Shares rose 7.9% to $13.60.
South African gold miners closed higher as gold futures ended at
a one-month high on Monday, digging out slight gains as investors
continued to adjust their outlook on U.S. monetary policy.
AngloGold Ashanti Ltd. (AU, ANG.JO) rose 6.4% to $12.60, while Gold
Fields Ltd. (GFI, GFI.JO) climbed 4.8% to $3.29, Harmony Gold
Mining Co. (HMY, HAR.JO) added 5% to $2.75 and Drdgold Ltd. (DRD,
DRD.JO) increased 3.5% to $3.87.
Write to Anna Prior at anna.prior@wsj.com
