Japan Stocks: Denso, GS Yuasa, Mazda, Nippon Steel, Sumco, T&D

Japan’s Nikkei 225 (NKY) Stock Average fell 112.39, or 1.3 percent, to 8,367.24 at the 11 a.m. trading break in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.

Autoparts makers: Denso Corp. (6902) (6902 JT), Toyota Boshoku Corp. (3116) (3116 JT) and others declined after Credit Suisse Group AG cut the sector rating to “market weight” from “overweight,” saying Toyota Motor Corp. (7203) (7203 JT) may seek more cuts in parts prices to its affiliated suppliers. Credit Suisse also lowered its ratings on both Denso and Aisin Seiki Co. (7259 JT) to “neutral” from “outperform.”

Denso slid 2.7 percent to 2,111 yen. Toyota Boshoku lost 4.9 percent to 764 yen. Aisin Seiki fell 2.4 percent to 2,156 yen. Tokai Rika Co. (6995 JT) slipped 2.2 percent to 1,120 yen.

GS Yuasa Corp. (6674) (6674 JT) gained 3.7 percent to 392 yen. JPMorgan Chase & Co. boosted its rating on the battery maker to “overweight” from “neutral,” saying its lithium-ion battery operations are advancing.

Hitachi Capital Corp. (8586) (8586 JT), a consumer finance company, advanced 4.2 percent to 1,010 yen. The company will acquire 75 percent of Indonesia’s PT Artha Asia Finance, according to a statement. Financial terms were not provided.

I’rom Holdings Co. (2372 JT), a clinical trial services provider, fell 2.1 percent to 3,880 yen. I’rom agreed to sell a drugmaking subsidiary to Kyowa Pharmaceutical Industry Co. (KPICZ JP), a unit of India’s Lupin Ltd. (LPC IN), according to a statement.

Maruka Machinery Co. (7594 JT), a wholesaler of industrial and construction equipment, climbed 4 percent to 695 yen, headed for the highest close since April 2010. The company boosted its full-year net-income outlook 48 percent to 620 million yen. Capital spending by companies in China and other Asian countries are “firm” and sales of machine tools are growing in the North America, Maruka said in a release.

Mazda Motor Corp. (7261) (7261 JT), a carmaker, lost 2.8 percent to 137 yen. Deutsche Bank AG lowered its target price to 160 yen from 165 yen, saying “we remain cautious given its structural weaknesses, namely its reliance on Japan exports.”

Mitsubishi Estate Co. (8802 JT), Japan’s biggest developer by market value, declined 2.2 percent to 1,239 yen. The developer’s rating outlook was cut to “negative” from “stable” by Moody’s Investors Service, which cited a sluggish market for Tokyo office properties.

Nippon Steel Corp. (5401) (5401 JT), Japan’s largest steelmaker, declined 2.8 percent to 177 yen, set for the lowest close since July 2003. The company is halting a blast furnace ahead of schedule on a forecast demand will be curbed by 300,000 metric tons this quarter due to the global economic slowdown and flooding in Thailand, a spokesman for the company said by telephone.

Nomura Holdings Inc. (8604) (8604 JT), Japan’s largest brokerage, dropped 2.8 percent to 241 yen. The company cut fixed-income jobs in Europe as part of plans to reduce costs after its first quarterly loss in two years, two people with direct knowledge of the matter said.

Olympus Corp. (7733) (7733 JT), the camera maker that admitted to hiding losses for decades, sank 8.3 percent to 685 yen. The company is under investigation by Japanese officials on suspicion of cooperating with organized crime to obscure billions of dollars of losses, the New York Times reported. Separately, the company said it had a 16.9 billion yen operating profit as sales declined in the six months ended Sept. 30, compared with 19.8 billion yen in the year-earlier period.

Sumco Corp. (3436) (3436 JT), a maker of silicon wafers for semiconductors, slumped 3.8 percent to 642 yen, the lowest since at least November 2005. SMBC Nikko Securities Inc. lowered its price estimate on Sumco to 730 yen from 860 yen, citing falling demand of wafers used for solar batteries. The brokerage maintained its “underperform” rating.

T&D Holdings Inc. (8795 JT), a life insurer, tumbled 5 percent to 671 yen, the lowest close since at least April 2004. Net income at rose 29 percent to 28.7 billion yen in the six months ended Sept. 30, missing its 29 billion yen forecast, the insurer said in a release. Goldman Sachs Group Inc. maintained its “neutral” rating on T&D, citing weak earnings.

To contact the reporter on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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