Japan Stocks: Kawasaki Heavy, Kobe Steel, Tokyo Electric Power
Japan’s Nikkei 225 (NKY) Stock Average fell 146.45, or 1.5 percent, to 9,460.63 as of the close of trading in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Geo Corp. (2681) (2681 JT), an operator of DVD and CD sale and rental outlets, gained 2.3 percent to 94,900 yen. The company forecast operating profit will rise 10 percent to 15.5 billion yen ($189 million) this fiscal year.
Hitachi Construction Machinery Co. (6305 JT), the construction machinery maker, slumped 6 percent to 1,676 yen, its lowest level since Aug. 31. The stock was lowered to “reduce” from “neutral” by Nomura Holdings Inc., which cut its share price estimate to 1,570 yen from 2,250 yen.
Kawasaki Heavy Industries Ltd. (7012) (7012 JT), a heavy-machinery maker, lost 4.9 percent to 291 yen. The shares were cut to “neutral” from “buy” by Nomura, which also lowered its share price estimate to 310 yen from 410 yen.
Kobe Steel Ltd. (5406) (5406 JT), the steelmaker, slid 3.8 percent to 176 yen. The company was reduced to “neutral” from “buy” by Nomura. The share price target was also cut to 200 yen from 260 yen.
Komatsu Ltd. (6301) (6301 JT), the construction-machinery maker, dropped 5.9 percent to 2,381 yen. The company’s share price target was reduced to 3,130 yen from 3,500 yen by Nomura.
Sony Financial Holdings Inc. (8729) (8729 JT), the insurance and banking arm of Sony Corp. (6758) (6758 JT), dropped 4.5 percent to 1,362 yen. The company forecast net income will fall 31 percent to 29 billion yen this fiscal year. Sony slid 0.5 percent to 2,211 yen.
Systena Corp. (2317) (2317 JT), the maker of firmware for mobile telecommunications, declined 5.6 percent to 67,900 yen. The company was cut to “neutral” from “outperform” by Cosmo Securities Co. The share price target was also reduced to 75,000 yen from 150,000 yen.
Tokyo Electric Power Co. (9501 JT), the utility known as Tepco, slumped 9 percent to 334 yen, its lowest close on record. The company reported a full-year net loss of 1.25 trillion yen following the Fukushima nuclear accident.
Tepco booked a 1.1 trillion yen charge for the nuclear crisis and plans to raise 600 billion by selling assets. The utility also said it will decommission four reactors at its Fukushima Dai-Ichi nuclear plant, and suspended plans to build two additional reactors.
Toto Ltd. (5332) (5332 JT), the bathroom fixtures maker, slumped 2.5 percent to 578 yen. The company was cut to “neutral” from “outperform” by Credit Suisse AG. The share price target was also lowered to 610 yen from 800 yen.
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