U.S.-traded shares of European companies mostly moved higher Thursday, with the gainers including Swedish wireless equipment maker LM Ericsson Telephone Co. and British candy maker Cadbury PLC.
Major U.S. indexes made small gains on the day, and the Bank of New York Europe ADR index, which tracks more than 100 European stocks trading on U.S. exchanges, added 2.25 points to 180.53. ADRs, or American Depositary Receipts, are securities that allow U.S. investors to trade shares of companies based overseas.
ADRs of Ericsson rose $1.36, or 5.3 percent, to $27.14 as investors appeared to take comfort from the company's capital markets day. Cowen analyst Matthew Hoffman said the company sounded "somewhat optimistic," forecasting better sales in parts of North America and India in 2008.
Shares of British mining company Rio Tinto PLC continued to rise on reports that a Chinese company may buy a stake in its rival BHP Billiton Ltd. Rio Tinto shares picked up $20.05, or 3.8 percent, to $545.16. Earlier in the session, the stock reached an all-time high of $548.89.
BHP shares also moved to all-time highs.
Cadbury PLC ADRs added $1.83, or 3.6 percent, to $52.65 after the company forecast better sales and higher profit margins in 2008. Earlier in the session, the stock hit a fresh 12-month peak of $53.10.
StatoilHydro ASA, an oil company run by the Norwegian government, picked up $1.76, or 4.6 percent, to $39.69, and reached an all-time high of $40.09. A pair of analysts raised their price targets on StatoilHydro shares Thursday, although one lowered his rating on the stock.
On the negative side, shares of Irish diagnostic products maker Trinity Biotech PLC slid 9 cents, or 2.4 percent, to $3.64 in heavy trading.
Dutch semiconductor equipment maker ASM International NV shed 39 cents to $26.39.
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