Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sumco Shares Plunge in Tokyo on Wider Loss Forecast

Don't Miss Out —
Follow us on:

Dec. 8 (Bloomberg) -- Sumco Corp. plunged by the most in more than two years in Tokyo trading after the silicon-wafer maker widened its full-year loss forecast to 66 billion yen ($789 million) from 12 billion yen. Credit Suisse AG cut its rating on the company to “underperform.”

The shares fell as much as 13 percent to 1,170 yen on the Tokyo Stock Exchange, the biggest drop among companies in the Nikkei 225 Stock Average and the stock’s steepest decline since November 2008. The stock traded at 1,220 yen at 10:39 a.m.

Masami Sawato, an analyst at Credit Suisse AG, downgraded his rating on the company to “underperform” from “neutral.” He decreased his estimated target price to 900 yen from 1170 yen as well.

“It will take time for the company to improve the company’s structure,” to make it more profitable, he wrote in his report dated on Dec. 7.

Link to Company News: {3436 JP <Equity> CN <GO>}

Takako Iwatani in Tokyo at +81-3-3201-3789 or tiwatani@bloomberg.net.

To contact the editor responsible for this story: Steven McPherson at smcpherson@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.