JFE, Sapporo, Sony, Sumitomo, Toyota: 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.
1st Holdings Inc. (3644 JQ): The software developer will start trading on the Osaka Securities Exchange’s Jasdaq Standard market. The initial offering price was 630 yen.
Adways Co. (2489 JT): The provider of Internet marketing services said it will buy back up to 5 percent of its shares. The stock dropped 2.7 percent to 79,000 yen.
Ebara-Udylite Co. (4975 JT): The chemical maker said it will retire 3.12 percent of its total shares on Dec. 1. The stock slipped 0.1 percent to 1,579 yen.
E-Guardian Inc. (6050 JT): The provider of Internet- monitoring services will start trading on the Tokyo Stock Exchange’s Mothers market. The initial offering price was 1,300 yen.
JFE Holdings Inc. (5411 JT): Japan’s second-largest steelmaker plans to sell existing shares to Sumitomo Metal Mining Co. (5713 JT) for 5 billion yen ($60 million), according to a filing with Japan’s finance ministry. JFE slumped 2.6 percent to 2,661 yen. Sumitomo Metal slid 2.2 percent to 1,301 yen.
Kobe Steel Ltd. (5406 JT): The steelmaker plans to build an automobile steel mill in Ohio to produce lightweight steel sheet for fuel-efficient vehicles, Nikkei English News said. The stock sank 3.1 percent to 190 yen.
Mitsubishi Corp. (8058 JT) and Harima Chemicals Inc. (4410 JT): The companies will spend $120 million to acquire Momentive Specialty Chemicals Inc.’s (HXN US) resin operations. Mitsubishi and Harima will form a venture to operate the business, with Harima taking a stake of 90 percent or more. Harima made the announcement in a release. Mitsubishi slid 1.1 percent to 2,116 yen. Harima Chemicals slipped 0.2 percent to 471 yen.
Ryoyo Electro Corp. (8068 JT): The electronic-components wholesaler boosted its full-year net income outlook 10 percent to 1.1 billion yen. The stock retreated 2.2 percent to 814 yen.
Sapporo Holdings Ltd. (2501 JT): The maker of Yebisu beer raised its full-year net income forecast 46 percent to 7 billion yen. Also, Sapporo said it will take a charge of 8.4 billion yen in the fourth quarter of this year to sell a distribution center in Chiba prefecture near Tokyo. The stock fell 0.6 percent to 339 yen.
Sony Corp. (6758 JT): The electronics maker plans to cut its group interest-bearing debt by about 10 percent to 1.01 trillion yen as of March 31, its first reduction in three years, Nikkei English News reported. The stock was little changed at 2,971 yen.
Sumitomo Corp. (8053 JT): The trading house may buy a 29 percent stake in Chinese drugmaker C&O Pharmaceutical Technology Holdings Ltd. (COPT SP) for about 6 billion yen, Nikkei English News said. The stock slid 2.9 percent to 1,092 yen.
Suzuki Motor Corp. (7269 JT): The automaker’s Chairman Osamu Suzuki said competition in the Indian car market will be “very tough.” Suzuki was speaking in New Delhi. The stock sank 1.8 percent to 2,024 yen.
Tokyo Gas Co. (9531 JT): Japan’s biggest gas distributor said a surplus of liquefied natural gas in the Atlantic will last five years and called for price reforms. The stock fell 0.5 percent to 365 yen.
Toyohira Steel Corp. (5450 JS): JFE Holdings Inc. (5411 JT), Japan’s second-largest steelmaker, will pay 0.071 of a share for each share of Toyohira Steel to make the unit wholly owned, Toyohira said in a release. Toyohira last traded at 140 yen.
Toyota Motor Corp. (7203 JT): The automaker will assemble plug-in hybrid cars in China starting in 2012 with its partner there, China FAW Group Corp., Nikkei English News reported. The stock slumped 2.4 percent to 3,220 yen.
Toyota Tsusho Corp. (8015 JT): The trading company won Taiwan’s government approval to invest NT$1.75 billion in Greencol Taiwan Corp., a chemical venture, the island’s Ministry of Economic Affairs said in a statement on its website. The stock sank 2.2 percent to 1,359 yen.
Zappallas Inc. (3770 JT): The maker of Internet content for mobile phones said first-half net income rose 11 percent to 973 million yen, with higher sales. The stock gained 1.2 percent to 121,700 yen.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.