Japanese Stocks: Onward, Sony, Takashimaya, Tepco, Toyota
Japan’s Nikkei 225 (NKY) Stock Average fell 32.01, or 0.3 percent, to 9,736.07 at the midday treading break in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Fullcast Technology Co. (2458 JQ), which supplies engineers to clients on an as-needed basis, surged by its upper daily limit of 5,000 yen, or 21 percent, to 28,500 yen. Yumeshin Holdings Co. (2362 JQ), a provider of temporary workers, said it will offer at least 35,320 yen a share to turn Fullcast Technology into a subsidiary. Yumeshin lost 2.6 percent to 114 yen.
J Trust Co. (8508 JO), a financial services company, plunged by its daily limit of 80 yen, or 19 percent, to 346 yen. The company withdrew its 31 billion yen bid for bankrupt consumer lender Takefuji Corp. (8564) (8564 JP), saying the process was unfair. J Trust made the announcement in a statement posted to its website.
Japan Wool Textile Co. (3201 JT), a textile maker, gained 5.6 percent to 693 yen. The company will repurchase up to 1.28 percent of its shares. Japan Wool also said first-quarter operating profit jumped 79 percent to 993 million yen.
Nissha Printing Co. (7915 JT) rallied 5.8 percent to 1,691 yen. The company was raised to “neutral” from “underperform” by Macquarie Group Ltd.
Onward Holdings Co. (8016 JT), an apparel maker, climbed 5.4 percent to 628 yen. The company forecast net income will rise 29 percent to 3.5 billion yen this fiscal year.
Sony Corp. (6758) (6758 JT), the world’s largest exporter of consumer electronics, lost 2.2 percent to 2,557 yen. The company cut European prices for its PlayStation Portable video-game player by 24 percent, Sony Computer Entertainment Inc. said in a statement on its website.
Takashimaya Co. (8233 JT), a department-store operator, gained 4.3 percent to 564 yen. The retailer said net income jumped 80 percent to 13.8 billion yen in the year ended Feb. 28. Takashimaya’s stock-price estimate was increased to 580 yen from 560 yen by Mizuho Securities Co.
Tohoku Electric Power Co. (9506 JT), a utility, advanced 4.5 percent to 1,400 yen. Tokyo Electric Power Co. said it would like to provide power to Tohoku Electric Power if any surplus is available.
Tokyo Electric Power Co. (9501 JT), Asia’s largest utility known as Tepco, soared 13 percent to 475 yen. The company will procure at least 100 gas turbines with a combined capacity of 1 million kilowatts to increase power supply during Japan’s summer, public broadcaster NHK reported.
Toyota Motor Corp. (7203) (7203 JT), the world’s biggest carmaker, slipped 2.1 percent to 3,270 yen. Toyota may lose production of an estimated 35,000 vehicles at its 13 North American factories between March 11 and April 25, Shiori Hashimoto, a company spokeswoman said. Toyota was cut to “sell” from “hold” by Citigroup Inc.
Citigroup also lowered its rating on Japan’s auto sector to “sell” from “buy,” saying investors have yet to price in the impact on earnings from last month’s earthquake. Honda Motor Co. (7267 JT) slid 2.1 percent to 2,908 yen and Nissan Motor Co. (7201 JT) fell 1.8 percent to 701 yen.
Usen Corp. (4842) (4842 JQ), a provider of cable music services, surged 9.1 percent to 60 yen. Usen had a return to first-half net income of 370 million yen from a year-earlier loss. The company also said it no longer has any doubt about its viability as a going concern.
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