Japan Stocks: Dainippon Screen, Elematec, Nippon Soda, Toyota
Japan’s Nikkei 225 (NKY) Stock Average fell 131.20, or 1.3 percent, to 9,833.81 as of the midday trading break in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Dainippon Screen Manufacturing Co. (7735 JT), a maker of image processors, dropped 5.7 percent to 582 yen. The company was cut to “neutral” from “buy” by Nomura Holdings Inc., which also lowered its share price target for the company to 649 yen from 867 yen.
Dainippon Sumitomo Pharma Co. (4506 JT), a drugmaker, increased 1.9 percent to 808 yen. The company was raised to “neutral” from “sell” by MF Global Holdings Ltd., which also boosted the target price to 770 yen from 675 yen.
Elematec Corp. (2715) (2715 JT), which imports and exports electronics parts, surged 28 percent to 1,375 yen. Toyota Tsusho Corp. (8015) (8015 JT), a trading company partly owned by Toyota Motor Corp. (7203) (7203 JT) plans to acquire a 51 percent stake in the company through a tender offer, according to a statement to the Tokyo Stock Exchange. Toyota Tsusho plans to offer 1,540 yen for each Elematec share, according to the document. Toyota Tsusho lost 1.9 percent to 1,354 yen. Toyota was unchanged at 3,170 yen.
Nippon Soda Co. (4041 JT), a chemicals maker, jumped 3 percent to 384 yen. The company boosted its net income forecast by 33 percent to 3.2 billion yen for the six months ending Sept. 30.
Shionogi & Co. (4507 JT), a drugmaker, slumped 3.7 percent to 1,293 yen. The company reported a 15 percent drop in first- quarter sales to 63.7 billion yen. The stock was lowered to “neutral” from “overweight” by JPMorgan Chase & Co., which also cut Shionogi’s share price estimate to 1,400 yen from 1,600 yen.
Tokyo Electron Ltd. (8035) (8035 JT), a semiconductor equipment maker, dropped 5.7 percent to 3,960 yen. The company cut its full-year net income forecast by 49 percent to 34 billion yen, because of falling prices of chip gear and slowing capital spending among semiconductor makers. The company cut the planned second-half dividend to 22 yen from 85 yen.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org