Daiwasystem, Gree, Mitsui, Sankyu, Taiheiyo Cement, Workman: Equity Movers
Japan’s Nikkei 225 Stock Average fell 108.59, or 1.1 percent, to 9,603.24 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.
Daiwasystem Co. (8939 JT) tumbled 7.5 percent to 124 yen, the lowest close since February 2009. The builder said it applied for out-of-court debt mediation with the Japanese Association of Turnaround Professionals. The application was accepted by the organization. Daiwasystem’s liabilities exceeded its assets by about 24.2 billion yen ($264 million) in the fiscal year ended March 2010, according to a filing yesterday.
Gree Inc. (3632 JT) gained 5 percent to 6,770 yen, the highest since its listing of Dec. 17, 2008. 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.
Higashi Nihon House Co. (1873 JQ) jumped 7.4 percent to 131 yen, the steepest advance since Dec. 14. The builder of wooden houses and condominiums raised its full-year net income outlook 6.7 percent to 2.86 billion yen, citing cost cuts.
Internet Initiative Japan Inc. (3774 JT) surged 20 percent to 240,600 yen, the sharpest advance since its listing on Dec. 2, 2005. 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.
Kumiai Chemical Industry Co. (4996 JT) rallied 6.2 percent to 241 yen. 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.
Megane Top Co. (7541 JT) slipped 3 percent to 621 yen. The eyeglass retailer said its same-store sales in May plunged 8.7 percent from a year earlier.
Mitsui & Co. (8031 JT), a trading house whose unit holds a 10 percent stake in the BP Plc-operated field where the Gulf of Mexico oil disaster is unfolding, tumbled 8.3 percent to 1,167 yen, the biggest drop since January 2009. Also, Japan Drilling Co. (1606 JT) lost 7.1 percent to 3,275 yen, the lowest close since its listing of Dec. 17. The company provides drilling services worldwide, including in the Gulf of Mexico, according to its website.
Nintendo Co. (7974 JO) lost 3.4 percent to 26,170 yen. The world’s biggest maker of portable video-game players plans to cut the price of its DS handheld device for the first time in Japan on June 19 to bolster stagnating domestic sales. The recommended retail price for the DSi model will be reduced 21 percent to 15,000 yen from 18,900 yen, according to a statement today on the company’s website.
Sankyu Inc. (9065 JT) retreated 6.5 percent to 360 yen, the largest drop since February 2009. The logistics company was cut to “underperform” from “outperform” by Satoru Kunieda, an analyst at Mizuho Securities Co.
Taiheiyo Cement Corp. (5233 JT) gained 4.1 percent to 128 yen, while Sumitomo Osaka Cement Co. (5232 JT) leapt 3.9 percent to 187 yen, a level not seen since Sept. 3. The cement makers were boosted to “outperform” from “neutral” by Shinya Yamada, a Tokyo-based analyst at Credit Suisse Group AG.
Tella Inc. (2191 JQ) advanced 2.8 percent to 1,120 yen. The cancer-treatment provider to medical institutions said it has signed a contract with Hokkaido University to jointly develop treatment methods related to human T-cell inductions and immune monitoring.
Workman Co. (7564 JQ) slumped 6.3 percent to 1,350 yen. 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.
Yamazaki Baking Co. (2212 JT) rose 2.7 percent to 1,172 yen, its steepest gain since Oct. 5. Japan’s largest bread producer was boosted to “buy” from “outperform” by Tokushi Yamasaki, an analyst at Daiwa Securities Group Inc.