Japan Stocks: Honda, Ibiden, Namco Bandai, Renesas Electronics
Japan’s Nikkei 225 (NKY) Stock Average dropped 207.45, or 2.1 percent, to 9,637.14 at the close of trading in Tokyo. The following were among the most active shares in the Japanese market. Stock symbols are in parentheses after company names.
Fujitsu Ltd. (6702) (6702 JT), a computer-services provider, fell 3.3 percent to 438 yen. The company said it plans to buy out its mobile-phone venture with Toshiba Corp. next year.
Honda Motor Co. (7267 JT), Japan’s third-largest automaker by sales, fell 3.2 percent to 3,010 yen. The carmaker said U.S. sales declined 28 percent in July, steeper than the 23 percent average of three analyst estimates.
Ibiden Co. (4062 JT), a maker of electronics and ceramics, tumbled 6.9 percent to 2,139 yen. The company cut its full-year profit forecast 48 percent to 12.3 billion yen ($159 million), citing a slowdown in the U.S. and European economies and concern anti-inflation measures in emerging markets will damp growth.
Idemitsu Kosan Co. (5019 JT), a petroleum refiner, lost 6.5 percent to 8,610 yen. The company said after the market closed yesterday that it expects to report full-year net income of 60 billion yen, 1.1 percent lower than last year.
Kirin Holdings Co. (2503 JT), Japan’s biggest beverage maker by market value, slumped 4.9 percent to 1,092 yen. Morgan Stanley MUFG Securities Co. said Kirin’s purchase of a Brazilian brewer, announced yesterday, is expensive and “slightly negative.”
Namco Bandai Holdings Inc. (7832) (7832 JT), a toymaker, advanced 2.4 percent to 1,000 yen, its highest level since August 2009. The company raised its six-month profit forecast more than sixfold to 3.2 billion yen, citing toy sales and revenue growth at video game arcades and theme parks in Japan.
Nippon Meat Packers Inc. (2282) (2282 JT), the meat producer, slumped 6.7 percent to 1,023 yen. The company reported a 3.4 percent decline in operating profit to 6.7 billion yen for the quarter ended June 30.
Nitto Boseki Co. (3110 JT), which makes and sells building materials, plunged 10 percent to 202 yen. The company forecast full-year net income of 2.4 billion yen, 20 percent lower than its previous estimate of 3 billion yen.
Renesas Electronics Corp. (6723) (6723 JT), an electronics chipmaker, declined 5.5 percent to 620 yen. The company said its first quarter net loss widened by 0.5 percent from a year earlier as sales dropped 29 percent to 207 billion yen.
To contact the reporter on this story: Anna Kitanaka in Tokyo at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com