By Maria Armental
International stocks trading in New York closed higher on Wednesday.
The S&P/BNY Mellon index of American depositary receipts rose 0.4% to 138.17. The European index rose 0.5% to 129.02. The Asian index increased 0.5% to 161.48. The Latin American index fell 0.8% to 222.81. And the emerging-markets index went up 0.1% to 298.64.
Alibaba Group Holding, InterContinental Hotels Group and Vodafone Group PLC ADRs traded actively.
On Wednesday, Alibaba posted a 51% increase in sales for both the fourth quarter and for the fiscal year ended March 31. But excluding acquisitions, sales rose 39% over the year. Alibaba forecasts that revenue growth will slip in the coming year to 33%. Alibaba's net income more than tripled to 25.83 billion yuan ($3.85 billion), largely because of acquisitions and other one-time matters during the quarter. ADRs of Alibaba rose 1.6% to $177.60.
InterContinental Hotels says its new hotel brand targets the "Opportunity Seeker," and is "optimized for a longer stay of four to six nights." Atwell Suites is expected to be franchise-ready this fall with the first hotels opening in 2021. IHG previously said it would launch a brand for the underserved upper-midscale market.
IHG says Atwell, with over 180 hotels signed, has been its faster-ever brand launch. Atwell's features include flexible meeting spaces and lobby bars serving small plates. ADRs of IHG rose 1.7% to $65.03.
Vodafone Group still has appeal despite the mobile-phone group's dividend cut, says Barclays as it reiterates its overweight rating and 200 pence price target. "Competition remains elevated in most of Vodafone's markets, revenues are under pressure and the dividend has been re-based, the bank says. "That said, the company continues to achieve solid and strong free cash-flow (FCF), with ongoing cost-cutting set to provide continued tail-winds to EBITDA/FCF growth," Barclays analysts say. "The lack of visibility on the revenue turnaround is frustrating, but shouldn't detract from a 10.7% FCF yield (6.3% un-levered), and re-based 6.5% dividend-per-share yield." ADRs of Vodafone fell 1.7% to $16.06.