Fanuc Plunge Erases Post-Loeb Gain After Profit Forecast Cut
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Fanuc Corp. plunged the most in almost seven years in Tokyo trading after cutting its full-year profit forecast, erasing most of the gains made after activist investor Daniel Loeb announced he’d taken a stake in February.
Shares slumped 11 percent, the biggest drop since 2008, to 20,700 yen as of the close in Tokyo Wednesday. Net income will probably be 159.5 billion yen ($1.3 billion) in the 12 months to March 31, the maker of industrial robots said after the market closed Tuesday. That compares with its previous forecast for 191.2 billion yen.