Disco, Horiba, Mitsubishi Heavy, Omron, Panasonic, Toyota: Equity Preview
The following companies may have unusual price changes in Japanese trading tomorrow. 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.
Disco Corp. (6146 JT): The maker of abrasives and precision machinery said sales in the first quarter totaled 24.1 billion yen ($277 million), up from 9.26 billion yen a year ago. The stock retreated 2.4 percent to 5,400 yen.
Horiba Ltd. (6856 JT): The world’s largest maker of devices that measure automobile emissions booked 800 million yen in operating profit for the six months ended June 30 on a parent basis, exceeding its forecast of a 170 million yen profit, according to a preliminary earnings statement. The company said net income was 900 million yen, falling short of its target by 7.2 percent. The stock slid 0.4 percent to 2,284 yen.
Koa Corp. (6999 JT): The electronic-parts maker earned 770 million yen in net income for the three months ended June 30, beating its forecast of a 430 million yen profit, according to a preliminary earnings statement. The company said stronger-than- expected sales and the yen’s depreciation boosted the profit. The stock advanced 1.5 percent to 876 yen.
Mitsubishi Heavy Industries Ltd. (7011 JT): Japan’s biggest heavy-machinery maker will consolidate commercial shipbuilding at its Nagasaki and Shimonoseki shipyards, while its Kobe shipyard will concentrate on submarines. The steps are intended to counter a shrinking market, the Tokyo-based company said in a release on its website. The stock increased 0.3 percent to 306 yen.
Omron Corp. (6645 JO): The electronic components maker said workers at a factory in Guangzhou, China went on strike and production has been partially halted since earlier today. The Osaka-based company isn’t aware of the workers’ demands, said Arihiro Yokota, an Omron spokesman. Reuters earlier reported the workers were demanding a 40 percent pay increase. The stock sank 3 percent to 1,982 yen.
Panasonic Corp. (6752 JT): The world’s largest maker of plasma televisions will make all its new TVs with screens measuring 42 inches or larger capable of showing 3-D images, an executive said. The stock fell 0.8 percent to 1,090 yen.
Sogo Medical Co. (4775 JT): The company, which operates pharmacies and leases medical equipment, said first-quarter net income jumped to 207 million yen from 80 million yen a year ago on higher sales. The stock advanced 1.4 percent to 2,438 yen.
Suruga Bank Ltd. (8358 JT): The regional bank said it will spend as much as 4 billion yen to buy back up to 2.15 percent of its outstanding shares. The stock rallied 1.5 percent to 768 yen.
Tobu Store Co. (8274 JT): The supermarket operator slashed its first-half net income forecast 64 percent to 145 million yen because of declining sales. The stock gained 1.5 percent to 267 yen.
Tokyo Steel Manufacturing Co. (5423 JT): The steelmaker boosted its pretax profit forecast for the six months ending Sept. 30 by 50 percent to 1.8 billion yen on a parent basis, citing lower material costs. The company cut first-half sales forecast 11 percent because of lower prices. The stock rose 3 percent to 1,026 yen.
Toyota Motor Corp. (7203 JT): The automaker’s Indian unit aims to sell 70,000 vehicles in 2010, Sandeep Singh, deputy managing director of marketing, said in New Delhi. The stock slipped 0.8 percent to 3,030 yen.