Found this at QXLC could be the explanation.
ADR Report- European, Japanese shares surge in rally
NEW YORK, Dec 3 (Reuters) - Shares of European and Asian companies trading in U.S. markets pushed higher
Friday amid a broad Wall Street rally sparked by a tame employment report.
The Bank of New York index of European ADRs , or American Depositary Receipts, gained 1.9 percent to 155.61
and the index of Asian ADRs gained 1.6 percent to 155.20, while the Dow Jones industrials surged closer to its
record high.
The Dow industrials were up more than 260 points to 11305. The Nasdaq composite was up 92 to a record 3544
and Standard & Poor's 500 index gained 34 to a new intraday record of 1443.
Technology ADRs extended gains. Japan's Matsushita Electric Industrial Co. Ltd.'s (NYSE: MC) ADRs were up
5-3/4 to 262-1/8. The Czech unit of a Siemens AG-Matsushita joint venture applied for government investment
incentives for its planned $43.2 million factory in the Czech Republic, according to a Czech official.
Hitachi Ltd (NYSE: HIT) surged 2-3/4 to 141-9/16, off a year high of 147-1/2. TDK Corp. (NYSE: TDK) rose 2-1/2 to
113-1/2. Kyocera Corp. (NYSE: KYO) jumped 6-3/8 to 123-1/8.
Shares of British-based companies flew higher as well, boosted in part by company-specific announcements.
British Airways Plc (NYSE: BAB) ADRs jumped 4-5/16 to 63-9/16. The company reported that November traffic
grew 2.1 percent year-on-year and that the passenger load factor was up 1.2 points higher at 66.6 percent.
British Airways called the figures encouraging.
QXL.com Plc (NASDAQ: QXLC) shares trading on the Nasdaq jumped 14-1/4 to 52-1/2 after hitting a new year
high of 56. The Internet auctioneer said it signed a deal with Web portal Excite to create a co-branded Web page
giving Excite users access to Qxl.com auction sites.
Scoot.com Plc (NASDAQ: SCOP) gained 8-3/4 to 38, a new high after the online information firm Scoot.com struck
a deal with Telewest Communications Plc , which has signed up 13 companies for an interactive digital TV service
it is launching next year.
Ericcson (NASDAQ: ERICY) ADRs jumped 3-7/16 to 55, a new year high. Earlier Friday Cisco Systems Inc.
(NASDAQ: CSCO), the world's biggest maker of computer networking equipment, said it would like to form
alliances with the telecom equipment maker and Nokia .
France's Alcatel (NYSE: ALA) ADRs jumped 2-3/8 to 42-2/8, a new year high, after JP Morgan raised its rating on
the French telecommunications group to strong buy from market perform. BNP Equities also raised its price target
at Alcatel shares trading in Paris.
France Telecom (NYSE: FTE) ADRs rose 2-1/2 to 116-1/2. The company said earlier Friday that it sees the number
of its Internet subscribers doubling to two million by 2000.
SAP AG (NYSE: SAP) ADRs rose 1-5/16 to 36-1/2 after the company's co-chief executive said in a newspaper
interview that the business-management software producer's investment in making its programs Internet
compatible was paying off.
Earlier Friday, the U.S. Labor Department said the economy created 234,000 new jobs in November and the
unemployment rate held steady at a 30-year low of 4.1 percent. That spurred the market by calming inflation
worries. |
