Japan Stocks: Aozora, Japan Tobacco, Nintendo, Shinsei, Sony
Japan’s Nikkei 225 (NKY) Stock Average fell 68.32, or 0.7 percent, to 9,833.03 at the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Aozora Bank Ltd. (8304) (8304 JT), a lender controlled by Cerberus Capital Management LP, surged 6.2 percent to 188 yen. The company said first-quarter net income surged 50 percent to 11 billion yen ($141 million) after reducing its cost of funds and raising credit quality.
Chubu Electric Power Co. (9502 JT), the operator of the suspended Hamaoka nuclear plant in central Japan, fell 4.1 percent to 1,322 yen. The company said the nation’s nuclear regulator asked the utility to prepare questions favorable to nuclear power at a public discussion in 2007, and to have local residents ask the questions during the meeting. Chubu Electric said it declined the request to have residents ask the questions, as that would violate its compliance regulations.
East Japan Railway Co. (9020) (9020 JT), the nation’s largest train operator by sales, gained 1 percent to 4,840 yen. The company projected full-year net income will rise 38 percent to 105 billion yen. It reported a 50 percent drop in first-quarter profit.
Fuji Electric Co. (6504 JT), a maker of electronic devices, fell 2.7 percent to 251 yen. The company had a net loss of 5.38 billion yen in the three months ended June 30, compared with a profit of 9.95 billion yen a year earlier.
Fujitsu Ltd. (6702) (6702 JT), Japan’s biggest computer-services provider, declined 2.2 percent to 454 yen. The company reported a net loss of 20.4 billion yen for the April-June period, compared with a profit of 1.64 billion yen a year earlier.
Japan Tobacco Inc. (2914) (2914 JT), Asia’s biggest listed cigarette maker by market capitalization, rose 3.7 percent to 350,000 yen. The company said net income may increase 11 percent to 161 billion yen this fiscal year after the company raised prices in Russia and other overseas markets.
The company agreed to acquire Haggar Cigarette & Tobacco Factory Ltd. (6057458Z US), which operates in Sudan and South Sudan, for about $450 million as it boosts overseas sales.
Kansai Electric Power Co. (9503 JT), Japan’s second-biggest utility, dropped 4.4 percent to 1,298 yen. The company withdrew its full-year sales and profit forecasts, saying it can’t assess the impact on its earnings from power-savings measures and reactor halts after the Fukushima nuclear disaster.
Konica Minolta Holdings Inc. (4902) (4902 JT), the maker of film used in liquid-crystal displays, sank 4.1 percent to 626 yen. The company projected net income will decline 65 percent to 3 billion yen in the six months to Sept. 30. It reported a loss of 110 million yen for the first quarter, compared with a profit of 3.49 billion yen a year earlier.
Mitsui Fudosan Co. (8801 JT), Japan’s biggest developer by revenue, advanced 2.1 percent to 1,469 yen. The company said net income increased 44 percent to 6.47 billion yen in the three months ended June 30 as the company earned more from houses and apartments following the country’s strongest earthquake on March 11.
Nintendo Co. (7974 JO), the world’s largest maker of video- game players, tumbled 12 percent to 12,290 yen, its lowest close since September 2005, according to data compiled by Bloomberg. The company slashed its net income forecast by 82 percent to 20 billion yen after lower-than-expected sales of its new 3-D handheld player led the company to cut prices of the product.
Nintendo will reduce the price of the 3DS by 40 percent to 15,000 yen in the face of mounting competition from Apple Inc.’s iPhone and online games played on Facebook Inc.’s service.
Renesas Electronics Corp. (6723) (6723 JT), the world’s biggest maker of microcontrollers used in cars and electric appliances, gained 3.2 percent to 669 yen. The company will sell its audio processor business to Murata Manufacturing Co. (6981 JO), the Nikkei Newspaper reported without saying where it got the information. Murata Manufacturing fell 1.2 percent to 5,010 yen.
Shinsei Bank Ltd. (8303) (8303 JT), a lender partly owned by J. Christopher Flowers, jumped 10 percent to 98 yen. The company’s net income increased 31 percent to 18.2 billion yen in the April-June period, compared with a year earlier, according to a statement to the Tokyo Stock Exchange.
Sony Corp. (6758) (6758 JT), Japan’s biggest exporter of consumer electronics by sales, slid 3.3 percent to 1,947 yen. The company cut its full-year net income forecast by 25 percent to 60 billion yen after a slump in demand led the company to lower its estimate for television sales.
Sumitomo Chemical Co. (4005 JT), a chemicals producer, advanced 1.6 percent to 392 yen. The company cut its full-year profit forecast by 58 percent to 21 billion yen. It swung to a first-quarter net loss of 9.75 billion yen, compared with 18 billion yen profit from the same period a year earlier.
Sumitomo Electric Industries Ltd. (5802) (5802 JT), a component and wire maker, declined 3.6 percent to 1,154 yen. The company’s net income slumped 78 percent to 4.16 billion yen in the three months ended June 30 as sales fell 9.5 percent, according to a statement to the Tokyo Stock Exchange.
TDK Corp. (6762) (6762 JT), the world’s biggest maker of magnetic heads for disk drives, tumbled 5.6 percent to 3,990 yen. The company’s net income fell 83 percent to 2.42 billion yen in the three months ended June 30 as sales fell.
Toko Electric Corp. (6921) (6921 JT), an affiliate of Tokyo Electric Power Co., surged 11 percent to 416 yen. The company said net income for the three months ended June 30 jumped 45 percent to 205 million yen from a year earlier.
Tsugami Corp. (6101 JT), a maker of machine tools, slid 8 percent to 470 yen. The company said first-quarter net income dropped 47 percent to 460 million yen from a year earlier.
Ulvac Inc. (6728) (6728 JT), a maker of solar cells and vacuum components, tumbled 19 percent to 1,429 yen, its steepest decline on record, according to data compiled by Bloomberg. The company said it may report a net loss of 8.7 billion yen for the year ended June 30, compared with a profit of 2.1 billion yen a year earlier, because of earthquake damage.
To contact the editor responsible for this story: Nick Gentle at email@example.com.