Bookoff, Gree, Mazda, Nissan, Sumitomo Mitsui, Toray: Japan Equity Preview
The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut, unless stated otherwise.
Bookoff Corp. (3313 JT): The used-book retailer boosted its full-year net income projection 58 percent to 1.9 billion yen ($21 million) on a parent basis, citing a gain stemming from absorption of an apparel unit. The stock rose 0.5 percent to 870 yen.
Cawachi Ltd. (2664 JT): The drugstore chain’s sales at stores open for at least 13 months declined 3.4 percent in the month ended May 15 from the same period a year earlier. The stock advanced 0.3 percent to 1,864 yen.
Gree Inc. (3632 JT): The Tokyo Stock Exchange approved the social-networking site operator to move its shares to the bourse’s first section from the Mothers market as of June 8, Gree said in a release. The stock rose 5.1 percent to 6,450 yen.
Internet Initiative Japan Inc. (3774 JT): The Internet connection services provider will buy a Japanese unit of AT&T Inc. (T US) for 9.17 billion yen. Internet Initiative raised its net income forecast for the year ending March 2011 by 15 percent to 3 billion yen, citing the acquisition, according to separate statements by the company. Internet Initiative sank 4.2 percent to 200,500 yen.
Kobe Steel Ltd. (5406 JT): The steelmaker will buy more stakes in mines to increase the amount of iron ore coming from its own properties to 20 percent within 10 years, Nikkei English News said. The stock was unchanged at 191 yen.
Kumiai Chemical Industry Co. (4996 JT): The agrochemical maker said in a preliminary earnings statement that first-half net income totaled 1.6 billion yen, beating its forecast by 39 percent on cost cuts. The stock slipped 0.9 percent to 227 yen.
Mazda Motor Corp. (7261 JT): The automaker will produce a hybrid version of the Axela using Toyota Motor Corp.’s (7203 JT) engine technology, the Nikkan Kogyo newspaper reported. Mazda fell 0.8 percent to 235 yen. Toyota lost 0.5 percent to 3,265 yen.
Megane Top Co. (7541 JT): The eyeglass retailer said its same-store sales in May plunged 8.7 percent from the same month a year earlier. The stock slumped 4.3 percent to 640 yen.
Mitsubishi Heavy Industries Ltd. (7011 JT): The heavy machinery maker will revive its luxury ship business, which hasn’t received any order in the past 10 years, the Yomiuri newspaper reported. The stock slid 1.8 percent to 332 yen.
Nippon Yusen K.K. (9101 JT) and Itochu Corp. (8001 JT): The companies may expand into offshore oil production by leasing a floating production facility to Brazilian state-owned oil company Petroleo Brasileiro SA, Nikkei English News reported. Nippon Yusen slid 0.3 percent to 326 yen. Itochu lost 1.5 percent to 744 yen.
Nissan Motor Co. (7201 JT): Japan’s third-largest automaker said it’s doubling production in Russia as the country’s car market rebounds. The stock fell 1.4 percent to 655 yen.
Point Inc. (2685 JT): The apparel chain said its domestic same-store sales last month dropped 5 percent from a year earlier, as more rainy days and cooler weather in late May discouraged customers from buying summer clothing. The stock lost 0.8 percent to 5,160 yen.
Sumitomo Mitsui Financial Group Inc. (8316 JT): Sumitomo Mitsui Banking Corp., a unit of Sumitomo Mitsui Financial Group, agreed to work with Korea Asset Management Corp. on investing in nonperforming loans, Nikkei English News reported. Kamco is more than 80 percent-owned by the South Korean government, Nikkei said. Sumitomo Mitsui Financial rose 1.2 percent to 2,734 yen.
Toray Industries Inc. (3402 JT): The synthetic-fiber maker will sell new shares to the public for 462 yen each to raise as much as 101.2 billion yen, according to a filing with the nation’s finance ministry. The stock rose 0.6 percent to 477 yen.
Workman Co. (7564 JQ): The maker of work uniforms said sales at stores open for at least 13 months rose 1.4 percent last month, buoyed by higher customer traffic. The sales gain in May was smaller than the 3.9 percent increase in April. The stock rallied 6.7 percent to 1,440 yen.