An index of emerging markets ADRs rose Friday afternoon, pulled up in part by shares of Focus Media Holdings Ltd. as an analyst predicted the Chinese advertising network operator may beat Wall Street's first-quarter estimates.
The Shanghai-based company likely will report earnings, excluding certain items, of 34 cents per share on sales of $169 million, Goldman Sachs analyst James Mitchell said Friday. Final numbers are set to be released June 5.
Analysts polled by Thomson Financial expect, on average, earnings of 33 cents per share on revenue of $161.3 million. Analysts typically exclude one-time items.
Focus Media is using its market share to help bolster relationships with major advertisers, Mitchell said.
The company's ADRs rose $1.795, or 5.1 percent, to $40.13. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
Elsewhere in the sector, shares of Mexico's Grupo Radio Centro, SAB de CV gained 21 cents to $13.99, shares of Mexico's Grupo Televisa SA added 19 cents to $26.32 and shares of Brazil's Net Servios de Comunicao rose 13 cents to $14.33.
Shares of China's Xinhua Finance Media Ltd. lost a penny to $2.99.
The Bank of New York Emerging Markets ADR Index _ which includes shares of companies based in China, Mexico, Brazil and more _ gained 3.93 points to 384.70.
The Bank of New York Composite ADR Index gained 1.18 points to 183.10 as the U.S. markets rose in afternoon trading.
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