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ADRs (American Depository Receipts) provide exposure to European and Japanese stocks, but what are the fees charged to investors?
ABB LTD. ADRs $21 (New York symbol ABB; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 2.2 billion; Market cap: $46.2 billion; Price-to-sales ratio: 1.3; Dividend yield: 3.6%; TSINetwork Rating: Above Average; www.abb.com) makes transformers, transmission systems and circuit breakers for electrical utilities. It also produces automation systems and robotics for industrial clients. Slowing growth in China and a higher U.S. dollar caused ABB’s sales in the first quarter of 2016 to fall 7.6%, to $7.9 billion from $8.6 billion a year earlier. But thanks to a new restructuring plan, earnings per ADR were flat at $0.28. ABB expects its restructuring to save it $1 billion annually by the end of 2017. ABB is a buy....
Recent earthquakes in southern Japan have forced Toyota and Honda to suspend production at their auto assembly plants in the region. The shutdown will have a greater impact on Toyota, which builds nearly half of its cars in Japan compared to just 17% for Honda. It will take several weeks to resume normal operations, but the closures should have less of an impact on their long-term prospects. TOYOTA MOTOR CO. ADRs $106 (New York symbol TM; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.5 billion; Market cap: $159.0 billion; Price-to-sales ratio: 0.6; Dividend yield: 3.4%; TSINetwork Rating: Above Average; www.toyota.com) is the world’s largest carmaker....
NORDSTROM INC. $53 (New York symbol JWN; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 172.9 million; Market cap: $9.2 billion; Price-to-sales ratio: 0.6; Dividend yield: 2.8%; TSINetwork Rating: Average; www.nordstrom.com) mainly sells upscale clothing, accessories and footwear. It owns and operates 326 stores in the U.S. and Canada. The company is facing stronger competition from online retailers. In response, it plans to cut jobs at its corporate and regional support centres. In all, these layoffs represent 1% of its workforce. The cuts should save Nordstrom $60 million a year; it earned $600 million, or $3.15 a share, in the fiscal year ended January 30, 2016. The company will invest the savings in its own e-commerce operations....
SONY CORP. ADRs $26 (New York symbol SNE; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.3 billion; Market cap: $33.8 billion; Price-to-sales ratio: 0.4; Dividend yield 0.3%; TSINetwork Rating: Average; www.sony.com) has also had to shut down two plants in Japan due to earthquake damage. These facilities make image sensors for smartphones. The company has also warned that slowing demand for high-end smartphones has hurt sales of these sensors. In addition, negative interest rates in Japan are hurting earnings at Sony’s banking and insurance operations. The company has now cut its operating profit forecast for the fiscal year ended March 31, 2016, by about 9% to $2.6 billion. Sony is a hold.