Rally Take: ADRs Show Where Real Moves Were (AIB, BBVA, STD, IRE, BCS, DAI, ING, PHG, REP, SI, TI, ALU, BP)

A 404-point move up in the DJIA and a near 49-point run in the S&P 500 sounds massive at 3.9% and 4.4% respectively.  When you look at the international markets, particularly some of the American Depository Receipts (ADRs) or American Depository Shares (ADSs), these moves of the US markets look tiny.  We saw major winners in Allied Irish Banks plc (NYSE: AIB), Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA), Banco Santander, S.A. (NYSE: STD), The Bank of Ireland (NYSE: IRE), Barclays plc (NYSE: BCS), Daimler AG (NYSE: DAI), ING Group, N.V. (NYSE: ING), Koninklijke Philips Electronics NV (NYSE: PHG), Repsol YPF SA (NYSE: REP), Siemens AG (NYSE: SI), and Telecom Italia SpA (NYSE: TI).  Alcatel-Lucent (NYSE: ALU) and BP plc (NYSE: BP) were the two standout losers, as if you not have guessed.

We have outlined the move on each, with a volume analysis and even a 52-week range with a note on the country and industry.

Allied Irish Banks plc (NYSE: AIB) in Ireland saw its banking ADRs rise 18.8% to $3.60 on 8.2 million shares.  That is not even 1.5-times normal volume.  52-week range is $2.35 to $10.42.

Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) in Spain saw its banking ADRs rise 19.7% to $12.36 on over 7.8 million shares, over 4-times normal volume.  52-week range is $9.36 to $19.78.

Banco Santander, S.A. (NYSE: STD) in Spain saw its banking ADRs rise by almost 23% to $12.09 on over 48 million shares, almost 7-times normal volume.  52-week range is $9.07 to $17.89.

The Bank of Ireland (NYSE: IRE) in Ireland, as if you didn’t guess, saw its banking ADRs rise 16.1% to $8.58 on 2.6 million shares.  Oddly, this is only about 50% above normal trading volume.  52-week range is $5.01 to $20.18.

Barclays plc (NYSE: BCS) of the U.K. saw its banking ADRs trade up 17.9% to $19.59 on 8.1 million shares, about 3-times normal volume.  52-week range is $14.45 to $25.68.

Daimler AG (NYSE: DAI) in German saw its auto-maker ADRs trade up 6.23% to $48.39 on 1.22 million shares, almost 1.5-times normal volume.  52-week range is $32.57 to $56.57.

ING Group, N.V. (NYSE: ING) saw its Dutch financial giant ADRs rise over 25% to $8.78 on 15.3 million shares, over 4-times normal volume.  The 52-week range is $6.78 to $18.89.

Koninklijke Philips Electronics NV (NYSE: PHG), or Philips Electronics, saw its Dutch diversified ADRs rise 11.2% to $32.30 on 4.1 million shares, about 3-times normal volume.  52-week range is $17.29 to $36.06.

Repsol YPF SA (NYSE: REP) saw its Spanish oil & gas ADRs trade up just under 12% to $22.19 on 1.88 million shares.  That is 3-times normal volume and the 52-week range is $19.08 to $28.65.

Siemens AG (NYSE: SI) saw its German diversified ADRs trade up 8.9% to $94.25 on 1.12 million shares, almost double normal volume.  52-week range is $63.67 to $103.10.

Telecom Italia SpA (NYSE: TI) rose a sharp 10.75% to $13.08 on 633,000 shares, more than double normal volume.  52-week range is $11.00 to $18.50.

There are of course only a few relative losers, and you might guess them based on history and based on the recent news off our own coast:

Alcatel-Lucent (NYSE: ALU) was one we were going to accuse of being a perpetual loser after its lackluster performance, but BP plc (NYSE: BP) is continuing to fight its demons and it was actually in the red.  Alcatel-Lucent closed up “only 3.57%” at $2.61 and its 52-week range is $2.01 to $4.95; BP closed down 0.6% at $48.75 on over 31 million shares.

There are many things to consider here.  First, part of the reason for the disparity being so different than the US versus 52-week highs is that there is a currency issue and then there is the notion that exposure (or location in) in the PIIGS nations only added pressure.  This bailout package was the equivalent of the TARP.

JON C. OGG