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ADR REPORT: Brazilian ADRs Drop; Rising Bond Yields Hit Broad Market

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SAN FRANCISCO (Dow Jones) -- U.S.-listed shares of overseas companies fell Wednesday, pressured by mounting losses on the broader market as Treasury yields pushed higher.

The Bank of New York Composite <.BKAS>
lost 0.4% to 185.11. The Europe and Asia ADR sub-index were each down 0.3%.

The losses on Wall Street grew heavier toward the end of the session as profit-taking on the Treasury market sent bond yields up. Prices and yields move in opposite directions.

The yield (TNX) on the benchmark 10-year Treasury note closed at 5.125%, up from 5.086% on Tuesday. Rising rates make borrowing costs more expensive, which can undercut growth efforts by businesses and dampen consumer spending.

The Dow Jones Industrial Average (DJI) was down more than 70 points and the S&P 500 (SPX) fell 13 points.

The Latin America ADR Index posted the steepest decline of the regional indexes with a drop of 1.4%. Its losses were led by 1.6% fall in Brazilian ADRs.

"Its corrective action in a very strong market," for both Brazilian ADRs and home-listed shares, said Rob Lutts, chief investment officer at Cabot Money Management.

Brazil's Bovespa, the country's benchmark stock index, has surged 22% since the start of the year, fueled in part by declining interest rates amid a tame inflation. At the same time, the index that tracks U.S.-listed Brazilian stocks has jumped 30%.

A 2% drop in oil prices dented shares of Brazilian oil firm Petroleo Brasileiro SA (PBR) , or Petrobras, by 1.6% to $121.41.

Gol (GOL) fell 1% to $33.93 after the airline pulled down its 2007 earnings estimates to 3.70 to 4.20 ($1.92-$2.18) Brazilian reals a share, down from 4.20 to 4.70 a share, on an 18% decline in operating margin. The company does expect capacity to rise about 80% for the year, including flights under is newly acquired Varig brand.

Also lower was volume leader CVRD (RIO) , by 0.7% at $45.52. Net Servicios de Comunicacao (NETCD) fell 3.8% and Banco Bradesco (BBD) fell 3.3%.

The Mexican ADR Index fell 1.3%, with stock in wireless firm America Movil ( AMX) down 2.3%; Telmex (TMX) off 1.3%; and Grupo Televisa (TV) off 2.3%.

But Coca-Cola Femsa (KOF) shares rose 2.4% to $43.95 following an upgrade by Morgan Stanley to overweight from equal-weight. The broker said that the stock is currently trading at a discount to its peers worldwide and that it expects the operating outlook in Mexico to improve.

The bottler should also benefit from its efforts to rein in costs and from raw material costs that have been stabilizing to declining in 2007.

"Risks to our call include the possibility of an acquisition outside of Latin America...and higher taxation on soft drinks in Mexico," said analyst Lore Serra in a note to clients. Morgan Stanley has a one-year price target of $52 on Coca- Cola Femsa's U.S.-listed shares.

Femsa (FMX) , which owns the bottler with Coca-Cola Co. (KO) , was unchanged at $40.54.

Meanwhile, PetroChina (0857.HK: Quote, Profile , Research)(PTR: Quote, Profile, Research)
was the only oil producer to see its ADRs rise. The stock jumped 3.1% to $147.11 following the company's plans to sell up to 4 billion shares in Shanghai. The proceeds would be used to fund possible acquisitions and support oil and gas exploration.
Dow Jones


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