Bridgestone, Corona, E-Seikatsu, Nippon Yusoki, Trend Micro; Equity Movers
Japan’s Nikkei 225 Stock Average fell 183.30, or 2 percent, to 9,179.38 as of the 3 p.m. close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Bridgestone Corp. (5108 JT) fell 2 percent to 1,534 yen. The world’s largest tiremaker said it will replace tires for light trucks and vans sold in Japan since July 13 after some were found to be defective, without compromising safety.
Corona Corp. (5909 JT) surged 11 percent to 812 yen, the biggest advance since May 2009. The air-conditioner maker said it will buy back as much as 1.7 percent of its shares.
E-Seikatsu Co. (3796 JT) soared 9.7 percent to 34,000 yen. The real-estate information company said it will repurchase up to 1.92 percent of its total shares.
Mitsubishi Electric Corp. (6503 JT) slumped 5.4 percent to 706 yen after Mitsubishi UFJ Morgan Stanley Securities Co. lowered its rating for the industrial and heavy machinery maker. The brokerage also cut the stock price estimate to 780 yen from 880 yen for Mitsubishi Electric.
Nippon Yusoki Co. (7105 JT) leapt 3.8 percent to 192 yen. The industrial vehicle maker and Mitsubishi Heavy Industries Ltd. (7011 JT) plan to start joint production of forklifts in China, Nikkei English News reported. Mitsubishi Heavy fell 1 percent to 313 yen.
Sharp Corp. (6753 JT) lost 2.7 percent to 853 yen, the lowest since April 2009. The electronics maker will reduce LCD panel production this month for components that serve companies such as Sony Corp. (6758 JT), because of higher TV inventories in the U.S. and China, Nikkei English News reported. Sony fell 2.5 percent to 2,538 yen.
LCD-related companies such as Nippon Sheet Glass Co. (5202 JT) declined 6.5 percent to 203 yen and Nissan Chemical Industries Ltd. (4021 JT) retreated 5.2 percent to 893 yen.
Sumitomo Osaka Cement Co. (5232 JT) extended its drop, falling 5.8 percent to 146 yen after Holcim Ltd. (HOLN VX), the world’s second-biggest cement maker, yesterday posted a second- quarter profit that missed analysts’ estimates, saying weak European growth threatens its outlook.
Topre Corp. (5975 JT) advanced 1.8 percent to 567 yen. The maker of pressed products for car parts said it will spend as much as 1 billion yen ($12 million) to buy back up to 1.95 percent of its outstanding shares.
Trend Micro Inc. (4704 JT), a maker of anti-virus software, jumped 4.5 percent to 2,281 yen on speculation further acquisitions will follow Intel Corp.’s (INTC US) $7.68 billion purchase of McAfee Inc. (MFE US). Also, Softbank Corp. (9984 JT), Japan’s third-biggest wireless carrier, rose 2.3 percent to 2,536 yen.
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