Japanese Stocks: DeNA, Elpida, Kajima, Olympus, Taihei Kogyo
Japan’s Nikkei 225 (NKY) Stock Average rose 30.63, or 0.4 percent, to 8,772.54 at the close in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Construction companies: Obayashi Corp. (1802) (1802 JT), a general contractor, sank 3.5 percent to 355 yen after yesterday cutting its net income forecast 12 percent to 11.5 billion yen ($150 million) for the six months ended September. The reduction tempered investor optimism for how much the sector would benefit from rebuilding after the March earthquake, SMB Nikko Securities Inc. said. Kajima Corp. (1812) (1812 JT), a builder of residential and commercial buildings, sank 5.5 percent to 242 yen.
DeNA Co. (2432 JT), a social media website operator, dropped 7.9 percent to 3,135 yen. Shares fell after the Nikkei newspaper reported the company would pay 10 billion yen for a stake in the Yokohama BayStars professional baseball team.
Elpida Memory Inc. (6665) (6665 JT), a Japanese maker of computer- memory chips, retreated 5.3 percent to 486 yen. The stock was cut to “underperform” from “neutral” by Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo, citing weak memory chip prices and slowing personal computer demand.
Mazda Motor Corp. (7261) (7261 JT) slid 3.7 percent to 158 yen. The automaker said it will halt all production of passenger cars in Thailand from today until Oct. 22 amid a shortage of parts due to flooding. The company has yet to make a decision on production after Oct. 25, spokesman Yuta Tanaka said.
NEC Capital Solutions Ltd. (8793) (8793 JT) gained 3.8 percent to 1,073 yen. The leasing company’s net income for the six months ended September was 4.4 billion yen, compared with a 1.7 billion yen forecast, according to a preliminary earnings statement.
Olympus Corp. (7733) (7733 JT), which has lost more than $3 billion in market value since firing its president last week, slid 2 percent to 1,389 yen. Goldman Sachs Group Inc. suspended its coverage of the company, saying the “adequacy” of the optical-equipment maker’s accounting practices regarding past acquisitions has become unclear. The company backtracked today, saying it paid $687 million to advisers related to the purchase of Gyrus Group Plc, after Olympus’s chairman earlier said the amount paid was 30 billion yen ($391 million).
Taihei Kogyo Co. (1819 JT), a civil engineering company, jumped 4.3 percent to 414 yen. Net income was about 2.75 billion yen for the six months ended September, beating its forecast of 1.7 billion yen on higher sales and improvements in project operations, according to a preliminary earnings statement.
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