Canon, Honda, Itochu, Sumitomo, Toshiba: Japan Equity Preview
The following companies may have unusual price changes in Japanese trading today. Stock symbols are in parentheses, and share prices are from the previous close. The information in each item was released after markets shut, unless stated otherwise.
77 Bank Ltd. (8341) (8341 JT): The regional bank said it will set aside 55 billion yen ($663 million) as provisions against bad loans after clients were hit by the March 11 earthquake. The bank also said in a separate press release that it may apply for public funds to bolster its capital. The stock tumbled 7.2 percent to 374 yen.
Canon Inc. (7751) (7751 JT): The world’s largest maker of cameras and office equipment said China’s Ninestar Image International Ltd. and retailers agreed to stop importing and selling copycat printer toner cartridges. The stock retreated 1.4 percent to 3,620 yen.
Honda Motor Co. (7267 JT): Japan’s second-largest carmaker said it will sell its Li Nian S1 compact sedan from 69,800 yuan in China, and has received more than 3,000 orders for the model.
Honda plans to make electric cars at two Chinese units, the Nikkei newspaper reported. It will begin sales of electric vehicles in China next year, according to the report, which cited unidentified people in the company. The stock slid 0.1 percent to 2,981 yen.
IHI Corp. (7013) (7013 JT): The maker of heavy machinery will next month resume full production of aircraft engine parts at a plant in quake-damaged Soma, Fukushima prefecture, the Nikkei newspaper reported. The stock advanced 1.5 percent to 200 yen.
Itochu Corp. (8001) (8001 JT), Sumitomo Corp. (8053) (8053 JT): Google Inc. (GOOG) and units of Japanese trading companies Itochu and Sumitomo agreed to invest $500 million to become part owners of a $2 billion wind farm under construction in Oregon. Itochu declined 1.8 percent to 805 yen. Sumitomo dipped 0.3 percent to 1,091 yen.
Iwasaki Electric Co. (6924 JT): The manufacture of illumination lamps said 81 employees accepted a buyout offer and would book 500 million yen charge for the buyouts. The stock climbed 1.4 percent to 223 yen.
Mori Seiki Co. (6141 JO): The machine-tool maker is in talks to form a joint venture in China with Gildemeister AG (GIL) and Shenyang Machine Tool Co. (000410 CH), the Nikkei newspaper reported. Mori Seiki jumped 3 percent to 976 yen.
Sony Corp. (6758) (6758 JT), Sharp Corp. (6753 JT): Sony has decided not to raise its stake in a liquid-crystal display venture with Sharp, the Nikkei newspaper reported. Sony fell 1.4 percent to 2,427 yen. Sharp dropped 1.1 percent to 753 yen.
Tokyu Land Corp. (8815) (8815 JT): The developer and seller of houses and condominiums said it will book a charge of 4.1 billion yen related to a hotel it owns in Narita, Chiba prefecture. The stock gained 1.2 percent to 336 yen.
Toppan Printing Co. (7911 JT): The printing company said it resumed full production at its unit’s plant in Miyagi prefecture. The stock climbed 1.9 percent to 651 yen.
Toshiba Corp. (6502) (6502 JT): The maker of electronic products probably had net income of about 130 billion yen in the fiscal year ended March 31, its first profit in three years, the Nikkei newspaper reported. The company said it resumed partial production at its Iwate plant. The stock dropped 0.5 percent to 401 yen.
Yoshinoya Holdings Co. (9861 JT): The restaurant chain that serves bowls of rice with stewed beef said it will take a charge of 302 million yen because of devaluation of securities. Yoshinoya gained 0.4 percent to 97,800 yen.
To contact the editor responsible for this story: Nick Gentle at email@example.com.