Japan’s Nikkei 225 Stock Average fell 189.19, or 1.9 percent, to 9,923.70 as of the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Clarion Co. (6796 JT) gained 2.6 percent to 200 yen. The car audio equipment maker has formed an alliance with Finland- based Nokia Corp. (NOK1V FH) on a technology for next-generation car infotainment systems. Clarion aims to develop the smartphone interface, which Nokia and Consumer Electronics for Automotive are proposing as industry standard, and to build an application service operation for in-car devices utilizing a Nokia’s application service, Clarion said on its Web site yesterday.
Honeys Co. (2792 JT) rallied 4 percent to 1,191 yen. The apparel maker said in a preliminary earnings statement full-year net income totaled 1.76 billion yen ($19 million), beating its forecast by 41 percent on better-than-expected sales.
J-Stream Inc. (4308 JT) surged by its upper daily limit of 7,000 yen, or 22 percent, to 38,600 yen, after the Internet broadcaster said it will start services distributing live images for iPhones on July 12.
Nippon Electric Glass Co. (5214 JT) dropped 2.4 percent to 1,110 yen. The glassmaker was cut to “neutral” from “buy” by Takaaki Muramatsu, a Tokyo-based analyst at UBS AG, who lowered the target price to 1,200 yen from 1,700 yen.
Nippon Yusen K.K. (9101 JT) declined 3.6 percent to 344 yen. Japan’s largest shipping line’s stock-price estimate for 12 months was cut to 447 yen from 456 yen by Paul Wan, an analyst at CLSA Asia Pacific Markets, who left the “outperform” rating unchanged. Also, the Baltic Dry Index fell for an 18th straight day in London yesterday. Mitsui O.S.K. Lines Ltd. (9104 JT) fell 2.7 percent to 641 yen. Kawasaki Kisen Kaisha Ltd. (9107 JT) slid 1.5 percent to 394 yen.
NTT Data Corp. (9613 JT) tumbled 8.4 percent to 350,500 yen, the biggest drop since January 2009. The network-services company said one of its employees had been arrested on suspicion of bribery.
Papyless Co. (3641 JQ) was untraded, bid at 6,210 yen and poised to more than double from its initial offering price of 2,700 yen. The distributor of electronic books debuted on the Osaka Securities Exchange’s Jasdaq market.
Promise Co. (8574 JT) rallied 4.1 percent to 684 yen, after Japan’s second-largest consumer lender by market value said on its Web site that it has won approval to operate consumer lending business in Shenzhen, China.
Sawai Pharmaceutical Co. (4555 JT) advanced 2.5 percent to 8,510 yen, the highest close since at least December 2000. The drugmaker’s share-target price was increased to 10,000 yen from 8,800 yen by Fumiyoshi Sakai, a Tokyo-based analyst at Credit Suisse Group, who maintained the “outperform” rating.
Shicoh Co. (6667 JT) lost 6.9 percent to 168,300 yen. The maker of motors for fans canceled a plan to raise 824.5 million yen in a public share sale. Shicoh said yesterday in a filing with Japan’s Finance Ministry that it would sell at least 4,500 shares. The company released a statement later that day through the Tokyo Stock Exchange, saying that it decided against the plan.
Tokyo Seimitsu Co. (7729 JT) sank 8.1 percent to 1,333 yen, the sharpest decline since January 2009. The semiconductor manufacturing equipment maker was cut to “neutral” from “overweight” by Hisashi Moriyama, a Tokyo-based analyst at JPMorgan Chase & Co.
Tsuruha Holdings Inc. (3391 JT) declined 5 percent to 3,030 yen, the steepest drop June 2009. The drugstore chain forecast first-half net income will fall 11 percent to 3.69 billion yen. For the full year ending May 15, the retailer expects a 5.7 percent increase in profit to 6.93 billion yen.
Uniden Corp. (6815 JT) soared 20 percent to 292 yen, the largest advance since October 2008. The telecommunications product maker will likely turn to pretax profit of about 900 million yen in the April-June quarter, buoyed by strong domestic sales of terrestrial digital broadcasting tuners, the Nikkei newspaper reported. The company had a 2.3 billion yen loss in the year earlier, the report said.