Mitsubishi Heavy, Canon Terumo, Tosoh, Tokyo Electric: Japan Stock 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.
Ain Pharmaciez Inc. (9627 JT): The drugstore operator plans to raise as much as 5.8 billion yen ($68 million) by selling shares to the public and to Seven & I Holdings Co. (3382 JT), according to a statement. Ain slipped 1.4 percent to 3,075 yen. Seven & I rose 0.4 percent to 2,026 yen.
Canon Inc. (7751 JT): The camera maker will switch all its overseas factories to Japanese manufacturing methods and will decide where to make its products based on overall efficiency, Chairman Fujio Mitarai told Nikkei English News. The stock lost 0.3 percent to 3,545 yen.
Electric Power Development Co. (9513 JP): The power utility was raised to “outperform” from “market perform” at Mitsubishi UFJ Morgan Stanley Securities Co. The shares advanced 0.2 percent to 2,652 yen.
JVC Kenwood Holdings Inc. (6632 JT), Hibino Corp. (2469 JQ): JVC Kenwood, a maker of audio equipment, will form a capital alliance with Hibino, a concert organizer, the Yomiuri newspaper reported. JVC Kenwood plunged 9.9 percent to 238 yen. Hibino fell 1.5 percent to 404 yen.
Mazda Motor Corp. (7261 JT): The automaker will recall 215,000 Mazda3 and Mazda5 cars to repair a defect that can result in a sudden loss of power steering, increasing the risk of a crash, the National Highway Traffic Safety Administration said. The stock fell 1 percent to 196 yen.
Mitsubishi Heavy Industries Ltd. (7011 JT): Mitsubishi UFJ Morgan Stanley Securities Co. cut its rating on the maker of heavy machinery to “outperform” from “strong outperform.” The stock was unchanged at 313 yen.
Nidec Corp. (6594 JO): The maker of precision motors will buy the motor business of Emerson Electric Co. (EMR US) by year’s end for between 60 billion and 70 billion yen, Nikkei English News reported. The stock advanced 0.3 percent to 7,150 yen.
Nippon Sheet Glass Co. (5202 JT): The glassmaker and Shanghai Yaohua Pilkington Glass Co. (600819 CH) will expand production of energy-saving glass in China. The Japanese company will invest about 4.5 billion yen in the projects in Tianjin, according to a statement. Nippon Sheet sank 2.2 percent to 224 yen.
Sumitomo Trust & Banking Co. (8403 JT) and Chuo Mitsui Trust Holdings Inc. (8309 JT): The lenders may set a merger ratio, Nikkei English News reported. Under the plan, a new Sumitomo Mitsui Trust Holdings Inc. will be formed, Nikkei said. Sumitomo Trust slid 0.9 percent to 453 yen. Chuo Mitsui rose 0.3 percent to 307 yen.
Suzuki Motor Corp. (7269 JT): The automaker will close 50 of its 352 sales outlets in the U.S., the Mainichi newspaper reported. Suzuki’s sales in North America totaled 8,100 vehicles during the April-June period, down 25 percent on the year, the report said. The stock was unchanged at 1,694 yen.
Terumo Corp. (4543 JT) and Asahi Intecc Co. (7747 JQ): The maker of medical devices formed an alliance to develop guide wires to be used catheter tests, the companies said in a joint statement. Terumo lost 1 percent to 4,330 yen. Asahi Intecc fell 1.4 percent to 1,400 yen.
Tokyo Electric Power Co. (9501 JT): Mitsubishi UFJ Morgan Stanley Securities Co. raised its investment rating on Japan’s biggest power utility to “strong outperform” from “outperform.” The shares gained 1.6 percent to 2,458 yen.
Tosoh Corp. (4042 JT): The maker of petrochemicals and other chemical products restarted the naphtha cracker at its Yokkaichi plant on Aug. 14 after repairs, Reuters reported. The stock rose 0.5 percent to 222 yen.