Does anyone know which foreign stock exchange had the greates percentag increase since the first of the year? Hint.....their currency is pesetas'.
If STD's stock price increases on Spains stock exchange, does that necessarily mean the ADR's will increase the same proporatinal amount? Supply and demand for ADR's is not necessarily the same as in Spain.
I imagine that there can't be much of a difference in the prices between the two markets, since if there was, you could make a good bit of money by selling the shares in the higher market, and buying them in the lower market. The other thing to keep in mind is that the trading days are slightly different, so at the close of the market in Madrid, the people in New York still have an opportunity to buy or sell for a while longer.
Then there's always the currency effects, which in some cases are not negligible.
STD management stated recently that they believe they can double earnings over the next 3 years through a combination of increased revenue and cost cutting. Smith Barney raised their eps projections as follows: $1.93 in '98, $2.34 in '99, and $3.04 in '99. Smith Barney also raised their target to $58.50 per share. Let's hope this is the next Citibank of Europe in terms of stock price performance.