Cmic, J. Front, KRS, Rakuten, Seiko, Takeda, Teac: Japanese Equity Preview
The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut, unless stated otherwise.
Cmic Co. (2309 JT): The provider of medical research reached a license agreement with Arizona-based Ucyclyd Pharma Inc. to develop treatment for urea cycle disorders in Japan. The stock was unchanged at 25,780 yen.
Eiken Chemical Co. (4549 JT): Japan’s health ministry approved Eiken Chemical to make and sell a kit that tests for the H1N1 influenza virus, the company said in a release. The stock slipped 0.4 percent to 805 yen.
J. Front Retailing Co. (3086 JT): The clothing retailer said its May sales fell 2.9 percent from a year earlier. The stock slid 0.2 percent to 472 yen.
JVC Kenwood Holdings Inc. (6632 JT): Victor Co. of Japan and parent JVC Kenwood Holdings may be fined around 1.5 billion yen ($16.5 million) by a Japanese regulator for allegedly misstating earnings, Nikkei English News said. JVC Kenwood was unchanged at 39 yen.
Kewpie Corp. (2809 JT): The mayonnaise maker said in a preliminary statement that first-half net income totaled 6.2 billion yen, beating its profit forecast by 32 percent, citing stable ingredient purchases and cost cuts. The stock was unchanged at 995 yen.
K.R.S. Corp. (9369 JT): The transportation-services company raised its operating profit forecast 25 percent to 1.5 billion yen, with better-than-expected sales. K.R.S. slashed its net income outlook 65 percent to 90 million yen for the period. The stock fell 0.6 percent to 844 yen.
Mitsubishi Motors Corp. (7211 JT): The automaker wants to reduce the price of electric vehicles by 30 percent to about 2 million yen by fiscal 2012, Nikkei English News reported. The stock fell 0.9 percent to 117 yen.
MS&AD Insurance Group Holdings Inc. (8725 JT): Mitsui Sumitomo Insurance Co., a unit of MS&AD Insurance, has agreed to acquire a 30 percent stake in Hong Leong Group Malaysia’s insurance unit for 25 billion yen, Nikkei English News reported. MS&AD lost 0.3 percent to 2,109 yen.
Nisshinbo Holdings Inc. (3105 JT): The textile maker will invest as much as 500 million yen to raise its stake in China- based Yawei Nisshinbo to between 51 percent and 59 percent, aiming to start selling solar-battery manufacturing equipment. Nisshinbo now holds a 25 percent stake in Yawei, it said in a release. The stock slid 0.2 percent to 906 yen.
Rakuten Inc. (4755 JQ): The shopping website operator said it will acquire PriceMinister SA of France for about 200 million euros ($245 million). Rakuten sank 0.9 percent to 63,800 yen.
Seiko Holdings Corp. (8050 JT): The watchmaker aims to double net income by improving the profitability of its watchmaking and electronic-component divisions and expanding into new industries. The stock soared 8 percent to 285 yen.
Showa Shell Sekiyu K.K. (5002 JT): The oil refiner will roll out a residential solar power-generation system priced about 20 percent less than similar products from Japanese competitors, Nikkei English News reported. The stock dropped 0.5 percent to 651 yen.
Suncity Co. (8910 JT): The real-estate company will likely receive a debt waiver of about 1.8 billion yen from a debt servicing company, Nikkei English News said. The stock slid 0.3 percent to 2,019 yen.
Takeda Pharmaceutical Co. (4502 JT), CanBas Co. (4575 JT): The drugmakers will end collaboration on a cancer medication because of a disagreement on how to develop it. Takeda rose 0.1 percent to 3,885 yen. CanBas lost 0.9 percent to 793 yen.
Toyoda Gosei Co. (7282 JT): The autoparts maker’s workers in Tianjin, China, went on strike at a plant that makes automobile interior parts, the Tokyo Shimbun newspaper reported. The stock slumped 3.2 percent to 2,420 yen.
Toyota Motor Corp. (7203 JT): The world’s largest automaker said it’s resuming construction of its Mississippi plant, which will soon hire 2,000 employees and build the Corolla sedan in the second half of 2011. Toyota slipped 1.1 percent to 3,295 yen.
Teac Corp. (6803 JT): The maker of computer peripherals aims for operating profit of 3.6 billion yen for the year ending March 2013 through cutting its costs, Teac said. The stock lost 4.1 percent to 47 yen.
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