Investing

As Korean & European Fears Calm, Only Some ADRs Soar (ALU, RYAAY, MPEL, PKX, SKM, AIB, TTM)

Wednesday was a strong day for U.S. stocks as at least some fears are waning on overseas pressure.  South Korea rallied as the skirmish between the two Koreas did not escalate and as trading partners urged a cooling off.  Ireland appears closer to a bailout even if Portugal and the United Kingdom had demonstrations in the streets.  Even a rating cut in Ireland failed to topple the apple cart, mostly as it is a day late and euro short… We wanted to take a look at some key ADR winners on the day to indicate levels after European markets had closed but right before the end of the trading day here in America.  Alcatel-Lucent (NYSE: ALU), Ryanair Holdings plc (NASDAQ: RYAAY), Melco Crown Entertainment Limited (NASDAQ: MPEL), POSCO (NYSE: PKX), SK Telecom Co. Ltd. (NYSE: SKM), Allied Irish Banks, plc (NYSE: AIB), and Tata Motors Ltd. (NYSE: TTM) were the obvious winners shortly before the closing bell.  We added some color in on each to see if there is more to come or if this is just another trading day.

Ryanair Holdings plc (NASDAQ: RYAAY) was obviously happy about austerity measures since corporate tax rates in Ireland are not being changed (at least so far).  ADRs for the discount airliner were up 3% at $31.00 late in U.S. trading.  Allied Irish Banks plc (NYSE: AIB) was a surprise winner today with shares higher by more than 16% at $1.04 late in U.S. trading.

POSCO (NYSE: PKX), the South Korean steel giant, was higher after the Koreans decided to not try to work toward an end of days outcome.  The ADR was higher by 4.1% at $99.24 late in the trading day.  SK Telecom Co. Ltd. (NYSE: SKM) was higher as well with ADRs up nearly 3% at $18.50 very late in the trading day.

Alcatel-Lucent (NYSE: ALU) almost never seems to win anymore, yet here we showed a 4.3% gain to $2.90.

Melco Crown Entertainment Limited (NASDAQ: MPEL) got a breather as the Korean incident is not likely to slow Macau gambling.  Shares were up a hair under 5% at $6.32 late in the day.  Tata Motors Limited (NYSE: TTM) on high sales projections.  The ADRs were up almost 10% at $35.70 late in the trading day.

Major markets are set to be open for trading Thursday while America is busy eating turkey for Thanksgiving.

JON C. OGG

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