ADRs in Focus: Emerging markets airlines slide

Light, sweet crude for August delivery added 28 cents to $143.85 on the Nymex. Earlier in the day, prices rose as high as $145.85 a barrel, topping a trading record set Wednesday.

Calyon Securities analyst Ray Neidl said Thursday he expects "large (airline) industry losses" for at least the next year-and-a-half.

"Between now and Labor Day, we believe that airline share prices will primarily trade on fuel price movements, with company-specific factors and economic developments playing a secondary role," Neidl said in a note to clients.

Shares of Chile's LAN Airlines SA shed 44 cents, or 4.5 percent, to $9.32, and shares of Brazil's TAM SA lost 79 cents, or 4.7 percent, to $16.10.

Shares of Brazil's GOL Linhas Areas Inteligentes SA slipped 68 cents, or 6.8 percent, to $9.39, and shares of China Eastern Airlines Corp. shed 75 cents, or 2.6 percent, to $28.29.

Bucking the trend, shares of China Southern Airlines Co. gained 51 cents, or 2.8 percent, to $18.65.

The Bank of New York Mellon Emerging Markets ADR Index--which includes shares of companies based in China, Mexico, Brazil and more--fell 1.37 points to 332.14. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

The Bank of New York Mellon Composite ADR Index gained 1.41 points to 163.82 as U.S. markets were mixed in an abbreviated pre-holiday trading session.