Ajinomoto, Clarion, JVC Kenwood, JR West, Mani, Nippon Steel: Japan Stocks
Japan's Nikkei 225 Stock Average fell 56.98, or 0.5 percent, to 11,282.32 as of the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Ajinomoto Co. (2802 JT) slumped 2.6 percent to 888 yen. The food products maker was cut to "neutral" from "buy" by Ritsuko Tsunoda, a Tokyo-based analyst at Merrill Lynch & Co., the securities firm bought by Bank of America Corp.
Clarion Co. (6796 JT) tumbled 9.1 percent to 211 yen, falling the most since Sept. 28. The car audio equipment maker was reinitiated "reduce" by Eiichi Katayama, an analyst at Nomura Holdings Inc.
Graphite Design Inc. (7847 JQ) surged by its daily upper limit of 5,000 yen, or 25 percent, to 25,400 yen, the biggest increase since June 2004. The golf club maker's full-year net loss totaled 266 million yen ($2.83 million), narrower than its 527 million yen loss outlook, according to a preliminary earnings statement. Favorable sales of its new products and cost cuts contributed to the smaller-than-expected loss, the company said.
Iida Home Max (8880 JT) rallied 8.1 percent to 1,634 yen. The homebuilder will conduct a 2-for-1 stock split. The company also said it will retire 4.32 percent of its outstanding shares on April 30.
JVC Kenwood Holdings Inc. (6632 JT) surged 23 percent to 58 yen, its biggest advance since Sept. 8. Softbank Corp. (9984 JT), Japan's third-biggest mobile telecommunications provider, is in talks to invest in JVC Kenwood's Victor Entertainment music unit, the Yomiuri newspaper reported. Also, JVC Kenwood was lifted to "buy" from "neutral" by Nomura Holdings Inc. analyst Eiichi Katayama. Softbank rose 0.5 percent to 2,259 yen.
Kappa Create Co. (7421 JT) rose 2.6 percent to 1,893 yen. The conveyor-belt sushi restaurant chain expects a 39 percent gain in net income to 3 billion yen this fiscal year, with a 7.3 percent advance in sales. Profit in the year ended Feb. 28 rose 20 percent to 2.16 billion yen, Kappa Create said in a statement.
Keiyo Co. (8168 JT) rallied 6.8 percent to 486 yen, rising the most since October 2008, after the home center chain said it expects a 41 percent gain in parent net income to 2.7 billion yen for this fiscal year, with rising sales.
Mani Inc. (7730 JQ) lost 6.7 percent to 3,420 yen, its sharpest drop since December 2008. The medical-goods maker cut its full-year net income forecast 9.8 percent to 2.21 billion yen, citing lower-than-expected sales because of slumping demand for dental instruments.
Maruka Machinery Co. (7594 JT) soared by its daily limit of 100 yen, or 16 percent, to 725 yen, its steepest gain since December 2005. The industrial and construction equipment wholesaler raised its full-year net income projection 36 percent to 190 million yen, citing higher overseas demands and administration cost cuts.
Nichi-iko Pharmaceutical Co. (4541 JO) gained 5.5 percent to 2,765 yen. The prescription-drugmaker's first-quarter net income more than doubled to 1.07 billion yen from 524 million yen a year earlier as sales gained 14 percent.
Nippon Kinzoku Co. (5491 JT) rallied 3.4 percent to 182 yen. The company will increase monthly output of stainless steel foil used for solar battery panels to 70-80 tons in the April-June quarter, the Nikkei Business Daily reported. That would be double the volume of the January-March quarter, the report said.
Nippon Steel Trading Co. (9810 JT) leapt 9.5 percent to 220 yen, on course for the highest close since September 2008. The steel-products trader said it was approved by the Tokyo Stock Exchange to move its shares to the exchange's first section from its second section as of April 12.
Shin-Kobe Electric Machinery Co. (6934 JT) jumped 6.5 percent to 1,021 yen. The storage-battery maker said in a preliminary earnings statement that full-year net income totaled 2.6 billion yen, beating its profit outlook of 1.05 billion yen.
Skymark Airlines Inc. (9204 JT) dropped 2.4 percent to 362 yen. The carrier was ordered by Japan's Transport Ministry to submit a business improvement plan by April 13. The ministry said in a faxed press release that the Tokyo-based airline has a number of safety problems.
Tosei Corp. (8923 JT) soared by the daily limit of 5,000 yen, or 19 percent, to 31,500 yen, the steepest advance since at least November 2006. The property developer said first-quarter net income rose 36 percent to 876 million yen on higher sales.
West Japan Railway Co. (9021 JT) advanced 3.9 percent to 337,000 yen, rising the most since Sept. 30. Japan's third- largest rail operator by market value known as JR West was boosted to "buy" from "neutral" by Jun Harada, a Tokyo-based analyst at UBS AG.