Credit Saison, JVC, Mizuho, Nippon Sheet, NTT, Yokogawa: Japanese Stocks
Japan’s Nikkei 225 Stock Average fell 226.75, or 2.2 percent, to 10,235.76 at 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.
AOC Holdings Inc. (5017 JT) tumbled 8.7 percent to 536 yen, the largest drop since Aug. 7, 2009. The oil company expects first-half operating loss of 1.2 billion yen ($13 million), with falling sales.
Credit Saison Co. (8253 JT) sank 8.7 percent to 1,195 yen, the biggest drop since March 2009. The consumer-credit company said it expects net income to fall 52 percent to 9 billion yen this fiscal year.
Denki Kogyo Co. (6706 JT) plummeted 10 percent to 436 yen, the steepest fall since October 2008. The antenna maker forecast net income will plunge 46 percent to 1.65 billion yen this fiscal year on falling sales.
FOI Corp. (6253 JT) plunged 38 percent to 265 yen, the biggest decline and the lowest close since its listing on Nov. 20, 2009. The manufacturer of semiconductor equipment said it inflated sales by about 10 billion yen when it reported earnings for the year ended March 2009. The company said in a press release yesterday that it will cooperate with a regulatory investigation.
JVC Kenwood Holdings Inc. (6632 JT) tumbled 21 percent to 38 yen, the steepest drop since the holding company’s listing on Oct. 1, 2008. The audio-equipment maker will conduct a 1-for-10 reverse stock split. It announced the step in a statement 30 minutes before the market closed on May 14.
Kansai Paint Co. (4613 JT) rose 2.5 percent to 754 yen, extending a gain of 7.3 percent on May 14. The paint maker forecast an 11 percent increase in net income to 13.1 billion yen on sales growth, Kansai Paint said in a statement before the market closed on Friday.
Nippon Sheet Glass Co. (5202 JT) slumped 8.6 percent to 254 yen, the sharpest fall since May 20, 2009. The glassmaker’s full-year net loss widened to 41.3 billion yen from 28.4 billion yen a year earlier on a 20 percent drop in sales. It expects the loss to narrow to 4 billion yen this fiscal year.
Nippon Soda Co. (4041 JT) lost 10 percent to 344 yen, the largest decline since December 2008. The chemical-products maker expects a 24 percent fall in net income to 6.5 billion yen this fiscal year with sliding sales.
Nippon Telegraph & Telephone Corp. (9432 JT) gained 3.5 percent to 3,855 yen. Japan’s largest phone company will cancel 250.9 million treasury shares. Half of the shares will be canceled in the current fiscal year and the remainder in the following year, the company said in a release.
Oji Paper Co. (3861 JT) rose 2.5 percent to 447 yen, the highest close since May 26, 2009. The papermaker was boosted to “buy” from “outperform” by Yusuke Ando, an analyst at Daiwa Securities Capital Markets Co.
Sundrug Co. (9989 JT) rallied 8.7 percent to 2,257 yen, the biggest advance since Aug. 20. The drugstore chain forecast net income will rise 13 percent to 10.7 billion yen this fiscal year on a 29 percent advance in sales.
Yokogawa Electric Corp. (6841 JT) declined 8 percent to 663 yen, the biggest drop since May 18, 2009. The maker of electronic measuring tools said full-year operating profit tumbled 44 percent to 2.62 billion yen as sales fell.
Zecs Co. (8913 JT) plunged by its daily limit of 80 yen, or 22 percent, to 290 yen, the lowest close since at least April 2005. The provider of real-estate services said it will be delisted from the Tokyo Stock Exchange on June 15 because it is unable to submit its quarterly report.