Elecom, Fast Retailing, Mitsubishi Motors, Omron, Toho: Equity Preview
The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are from the previous close. The information in each item was released after markets shut, unless stated otherwise.
All Nippon Airways Co. (9202 JT): The airline lost 600 million yen ($6.5 million) in revenue after it canceled flights because of the Icelandic volcanic eruption, the Asahi newspaper said, citing the Tokyo-based company. European airspace will be divided into open, closed and restricted zones as governments seek to restore flights. The stock declined 2.4 percent to 283 yen.
Elecom Co. (6750 JQ): The maker of computer peripherals reported full-year net income of 670 million yen, more than its forecast of 100 million yen, according to a preliminary earnings statement. The shares gained 2.5 percent to 690 yen.
Fast Retailing Co. (9983 JT): Japan’s biggest clothing retailer said it signed a rental agreement to open a store under its Uniqlo brand on New York’s Fifth Avenue. The retailer will pay a record $300 million in rent over 15 years for the flagship store, the world’s most expensive retail district. The stock slipped 0.2 percent to 14,450 yen.
Hitachi High-Technologies Corp. (8036 JT): The trading company narrowed its full-year net loss to 2.8 billion yen, citing a reorganization and an increase in sales. The stock gained 1.9 percent to 2,105 yen.
Hokkaido Electric Power Co. (9509 JT): The power supplier to Japan’s northernmost island said in a preliminary earnings statement that full-year net income was 7 billion yen, 40 percent more than it expected. The shares were unchanged at 1,728 yen.
Isuzu Motors Ltd. (7202 JT): The carmaker may report a full-year operating profit of more than 10 billion yen, reversing an earlier estimate of a 5 billion yen loss, because sales of commercial trucks surpassed targets in Asia, Nikkei English News said. The stock sank 3 percent to 262 yen.
Japan Tobacco Inc. (2914 JT): The company intends to boost cigarette output by 20 percent starting this month in anticipation that smokers will stock up before an increase in cigarette taxes in October, Nikkei English News reported.
Separately, Japan Tobacco said yesterday that its U.K. unit was fined 50.4 million pounds ($77 million) by the office of fair trading. The shares declined 2.6 percent to 319,000 yen.
Mitsubishi Motors Corp. (7211 JT): The automaker said operating profit was less than forecast after sales and cost cuts failed to reach targets, and that it was sued by a dealer in Egypt. The shares sank 1.5 percent to 128 yen.
Mitsui Chemicals Inc. (4183 JT): Mitsui and Toagosei Co. (4045 JT) will establish a venture to make ethylene carbonate for lithium-ion batteries. They plan to invest 1 billion yen in the venture. Mitsui climbed 0.4 percent to 290 yen. Toagosei retreated 2.1 percent to 381 yen.
NTN Corp. (6472 JT): The machinery parts maker said it will invest 13 billion yen in a Chinese venture, aiming for sales of 100 billion yen by 2015. The shares slipped 1 percent to 401 yen.
Omron Corp. (6645 JO): The electronics maker said full-year net income was 3.5 billion yen, 17 percent more than it expected. The stock dropped 1.6 percent to 2,095 yen.
Osaka Gas Co. (9532 JT): Japan’s second-biggest distributor of natural gas said full-year net income was 48 billion yen, 5.5 percent more than forecast. The shares fell 0.9 percent to 323 yen.
Sanki Engineering Co. (1961 JT): The engineering company said full-year net income was 3 billion yen, double its forecast. The stock declined 0.9 percent to 670 yen.
Shinsei Bank Ltd. (8303 JT): Shinsei Bank and Aozora Bank Ltd. (8304 JT) are considering forming a retail alliance, the Yomiuri newspaper reported, without saying where it obtained the information. Shinsei Bank fell 4.5 percent to 127 yen. Aozora Bank dropped 5.1 percent to 131 yen.
Softbank Technology Corp. (4726 JT): The provider of Internet services said full-year net income was 5.7 percent more than expected at 370 million yen. The shares gained 4.8 percent to 787 yen.
Suzuki Motor Corp. (7269 JT): The minicar maker plans to increase engine output capacity in India by about 30 percent to more than 1.25 million units a year, Nikkei English News said. The stock fell 1.7 percent to 1,929 yen.
Toho Co. (9602 JT): The movie maker said full-year net income jumped to 7.88 billion yen from 2.29 billion yen a year earlier, while operating profit sank 18 percent. The stock declined 1.2 percent to 1,518 yen.
Toyota Motor Corp. (7203 JT): The world’s biggest carmaker said it will recall around 7,500 units of Toyota Land Cruiser 150 (Prado) and Lexus GX 460 in Europe in order to carry out a reprogramming of the Vehicle Stability Control (VSC) software. The carmaker also agreed to pay a record $16.4 million U.S. fine for failing to promptly report flaws with vehicle accelerator pedals. The shares decreased 1.9 percent to 3,625 yen.
To contact the reporter on this story: Anna Kitanaka in Tokyo at email@example.com.