JAPAN DAYBOOK: Prime Minister Kan Names New Cabinet
Prime Minister Naoto Kan names a new cabinet to gain opposition support for passage of a record budget and begin a national tax debate.
WHAT TO WATCH *Prime Minister Kan names new cabinet. *Corporate goods price index for December at 8:50 a.m. Economists estimate a 1 percent gain from a year earlier. *Daikin outlines 2011 business plan at 10:30 a.m. *Electricity generated in December at 11 a.m. *Asahi Soft Drinks 2011 sales volume target at 2 p.m.
EQUITY MOVERS *Fast Retailing (9983 JT) said first-quarter net income plunged 35 percent to 22.7 billion yen after sales fell at its Uniqlo stores in Japan. *Japan Excellent (8987 JT) plans to raise as much as 16.8 billion yen by selling as many as 34,100 shares to the public. *Sapporo (2501 JT) operating profit rose 16 percent to about 15 billion yen in the year ended Dec. 31, 1.5 billion yen more than the company’s forecast, the Nikkei newspaper said.
ANALYST RATINGS FOR NIKKEI 225 COMPANIES *Fast Retailing (9983 JT) raised to buy at Nomura. *Bridgestone (5108 JT) initiated underperform at Nikko. *Yokohama Rubber (5101 JT) initiated underperform at Nikko. *Denso (6902 JT) initiated neutral at Nikko. *NTT DoCoMo (9437 JT) raised to overweight at HSBC. *KDDI (9433 JT) cut to neutral at HSBC. *Softbank (9984 JT) raised to neutral at HSBC. *Toshiba (6502 JT) raised to buy at Deutsche. *Chiyoda (6366 JT) cut to underperform at Mitsubishi UFJ. *Toyota (7203 JT) raised to neutral at JPMorgan.