| A U.S.-based index of European stocks wavered Thursday, with software and telecommunications stocks declining after Cisco Corp.'s fiscal first-quarter results lead to worries about a slowdown in U.S. business spending. The Bank of New York Europe ADR index edged up 0.72 points, to 194.58 in afternoon trading, after trending down much of the day. ADRs, or American Depositary Receipts, are securities that allow U.S. investors to trade stocks based overseas. Cisco said Wednesday that orders from U.S. businesses were weaker, and investors worried other companies will suffer from the same problem. Alcatel-Lucent, a French telecommunications equipment company that competes with Cisco, fell 8 cents, to $8.54, after earlier set a low of $8.41. Shares of Finnish mobile phone maker Nokia Corp.
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