Canon, Mitsui Electric, Nippon Sheet Glass: Japan Stock Movers
Japan’s Nikkei 225 Stock Average fell 44.89, or 0.5 percent, to 8,831.93 as of the 3 p.m. trading close in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Canon Inc. (7751) (7751 JT), the world’s biggest camera maker, added 2 percent to 3,345 yen. The company said it will spend as much as 50 billion yen ($656 million) to buy back as much as 1.3 percent of its outstanding shares.
Mitsumi Electric Co. (6767) (6767 JT), a maker of electronic parts, jumped 9.1 percent to 687 yen. The firm’s investment rating was raised to “outperform” from “neutral” by analyst Akinori Kanemoto at Credit Suisse. The firm’s restructuring plans exceeded expectations, Kanemoto wrote in a report.
Nippon Sheet Glass Co. (5202) (5202 JT) slumped 12 percent to 132 yen. The glassmaker expects a loss of 3 billion yen for the year ending March 31, citing slumping demand in Europe, after earlier forecasting net income of 14 billion yen. The company also said it will cut 3,500 jobs.
Sony Corp. (6758) (6758 JT), Japan’s largest consumer-electronics exporter, soared 8.1 percent to 1,435 yen after incoming Chief Executive Officer Kazuo Hirai said it will close less- competitive businesses and review its portfolio.
Sumco Corp. (3436) (3436 JT), a silicon wafer maker, surged by its daily limit of 100 yen to 675 yen after saying it will cut 1,300 jobs, a 15 percent of its workforce. Sumco will sell 45 billion yen of preferred shares to companies including Sumitomo Metal Industries and Mitsubishi Materials, according to a statement.
Sumitomo Metal Industries Ltd. (5405) (5405 JT), the nation’s third-largest steelmaker by market value, fell 2.2 percent to 135 yen. It expects a loss of 55 billion yen in the year ending March 31, citing a drop in the value of its investments. The company cut its planned full-year dividend to 2 yen per share from 3.5 yen.
To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
Feb. 3 (Bloomberg) -- Ryoji Musha, president of Musha Research Co., talks about the outlook for Sony Corp. Sony more than doubled its annual loss forecast, underscoring the challenge for incoming Chief Executive Officer Kazuo Hirai in reviving Japan’s biggest consumer-electronics exporter. Musha speaks from Tokyo with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
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