Comsys, Iseki, JSR, Nissan, Pacific Metals, Taiheiyo, Toppan: Japan Stocks
Japan’s Nikkei 225 Stock Average fell 258.20, or 2.7 percent, to 9,292.85 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.
Comsys Holdings Corp. (1721 JT) sank 6 percent to 785 yen. The telecommunication company said its first-quarter net loss widened to 749 million yen ($8.8 million) from 542 million yen the previous year.
Dainippon Screen Manufacturing Co. (7735 JT) increased 1.7 percent to 427 yen. The maker of chip production equipment raised its full-year net income forecast by 83 percent to 16.5 billion yen.
Iseki & Co. (6310 JT) gained 2.6 percent to 238 yen. The agricultural machinery maker reported quarterly net income rose to 839 million yen from 397 million yen a year earlier.
JSR Corp. (4185 JT) fell 5.2 percent to 1,395 yen. The maker of synthetic resin was cut to “market perform” from “outperform” by Shuichi Nakahara, an analyst at Mitsubishi UFJ Morgan Stanley Securities Co.
Matsumotokiyoshi Holdings Co. (3088 JT) plunged 11 percent to 1,674 yen, the most since February 2008. The drugstore chain said it reversed to a first-quarter net loss of 525 million yen from a profit of 2.22 billion yen a year earlier. The company also said it will sell 15 billion yen in three-year convertible bonds.
Nippon Express Co. (9062 JT) declined 3.3 percent to 326 yen. The freight company was cut to “hold” from “buy” by Naoko Matsumoto, an analyst at Citigroup Global Markets Japan Inc. The estimated share price was also reduced to 375 yen from 480 yen.
Nissan Motor Co. (7201 JT) slipped 3.6 percent to 638 yen. The Renault-Nissan alliance dropped out of bidding for Ssangyong Motor Co. (003620 KS), the South Korean carmaker in bankruptcy protection, as a court official said the preferred buyer may be named tomorrow, according to a spokeswoman for Renault SA (RNO FP).
Pacific Metals Co. (5541 JT) slumped 7.5 percent to 615 yen, the steepest decline since April 2009. The metal producer cut its full-year net income forecast to 11.5 billion yen from its previous outlook of 12.9 billion yen. Also, the company reduced its planned dividend for the year to 18 yen from 20 yen.
Taiheiyo Cement Corp. (5233 JT) tumbled 8.1 percent to 114 yen. The cement maker said first-quarter net loss widened to 11 billion yen from 8.8 billion yen a year earlier.
Toppan Printing Co. (7911 JT) dropped 6.6 percent to 685 yen, the most since January 2009. The printing company had its investment rating lowered to “neutral” from “overweight” by Nobuhito Owaki, an analyst at JPMorgan Chase & Co. The share price target was also reduced to 800 yen from 950 yen.
Yokogawa Electric Corp. (6841 JT) gained 1.2 percent to 513 yen. The maker of electronic measuring tools was raised to “neutral” from “underweight” by Hisashi Moriyama, an analyst at JPMorgan Chase & Co. The share-price estimate was left unchanged at 600 yen. The company narrowed its first-half net loss forecast by 25 percent to 3 billion yen.