Mitsubishi UFJ, Nissan, Suzuki, Takeda: 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.
Best Bridal Inc. (2418 JT): The wedding-service provider said President Masayuki Tsukada will sell 32,500 shares in the company to the public. The stock slumped 0.3 percent to 73,700 yen.
Denso Corp. (6902 JT), Maspro Denkoh Corp. (6749 JT): Denso, an auto-parts maker, said it will sell its entire 7.16 percent stake in Maspro Denkoh to cancel a capital alliance. Denso rose 1.7 percent to 2,649 yen. Maspro increased 0.3 percent to 763 yen.
Eisai Co. (4523 JT): The drugmaker received U.S. Food and Drug Administration approval for its medicine to treat breast cancer, the agency said in a statement. Eisai rose 0.4 percent to 2,867 yen.
Ezaki Glico Co. (2206 JT): The candy maker said it will set up a subsidiary in Saitama prefecture, north of Tokyo, and shut three units in other parts of Japan. Ezaki Glico cut its full- year net income forecast by 26 percent to 4.8 billion yen ($58 million), citing charges related to the closure of the production units. The stock slid 0.1 percent to 975 yen.
Hokuhoku Financial Group Inc. (8377 JT): The lender said first-half net income surged 75 percent to 10.1 billion yen, buoyed by lower interest payments and credit costs. The stock lost 0.6 percent to 159 yen.
Mitsubishi UFJ Financial Group Inc. (8306 JT): Japan’s biggest bank targets net income of 500 billion yen for the year ending March 31, higher than its previous target of 400 billion yen. Also, Mitsubishi UFJ said it agreed to buy Royal Bank of Scotland Group Plc’s (RBS LN) project-finance assets for about 3.8 billion pounds. Mitsubishi UFJ fell 0.3 percent to 391 yen.
Nihon Nohyaku Co. (4997 JT): The insecticide and fungicide maker said it expects a 13 percent drop in net income to 1.4 billion yen this fiscal year. The stock advanced 1.4 percent to 438 yen.
Nissan Motor Co. (7201 JT): The automaker’s credit rating was raised to “BBB+” from “BBB” by Standard & Poor’s, which cited a recovery in Nissan’s earnings and improving credit quality at Renault SA. Nissan gained 1.6 percent to 785 yen.
Sony Corp. (6758 JT): The electronics maker will buy 10 million liquid crystal display panels from Taiwan’s Chimei Innolux Corp. during fiscal 2011, five times the current level, the Nikkan Kogyo newspaper said. Sony won’t increase investment in a display factory established jointly with Sharp Corp. (6753 JT), the newspaper reported. Sony gained 2.7 percent to 2,790 yen. Sharp advanced 1.9 percent to 828 yen.
Sony Financial Holdings Inc. (8729 JT): The insurance and banking unit of Sony Corp. said first-half net income rose 26 percent to 29.4 billion yen, citing higher revenue from insurance premiums. Sony Financial lost 1.2 percent to 283,200 yen.
Suzuki Motor Corp. (7269 JT): The automaker and Tokyo-based Metal One Corp. formed a venture in India to make automotive steel plates, Kyodo News reported, citing the companies. Metal One owns 55 percent of the venture, Suzuki 35 percent and JFE Shoji Trade Corp. 10 percent, according to the report. Operations will begin in May 2011, Kyodo said. Suzuki rose 1 percent to 2,035 yen.
Takeda Pharmaceutical Co. (4502 JT): The drugmaker is unlikely to pursue acquisition of Genzyme Corp. (GENZ US), Dow Jones reported, citing unidentified people it said were familiar with the matter. Takeda fell 0.5 percent to 3,920 yen.
Tokyo Electric Power Co. (9501 JT) and Marubeni Corp. (8002 JT): Team Energy Corp., a joint venture of Tokyo Electric and Marubeni in the Philippines, plans to spend as much as $1.5 billion to expand the capacity of two power plants, President Federico Puno told reporters. Tokyo Electric advanced 0.4 percent to 1,914 yen. Marubeni rose 0.2 percent to 534 yen.
To contact the editor responsible for this story: Nick Gentle at email@example.com.