Japan Stocks: Topix Core 30, Disco, Dowa, Elpida, Gree, Inpex
Japan’s Nikkei 225 (NKY) Stock Average fell 153.08, or 1.7 percent, to 8,944.48 as of 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.
Topix Core 30: Japan’s Topix Core 30 Index of the nation’s largest stocks declined for a sixth day, touching to a record intraday low, after Standard & Poor’s cut credit ratings for U.S.-sponsored mortgage finance companies and China’s inflation accelerated.
Toyota Motor Corp. (7203) (7203 JT), the world’s largest carmaker, dropped 1.9 percent to 2,937 yen, the lowest close since Nov. 4. Mitsubishi UFJ Financial Group Inc. (8306) (8306 JT), Japan’s largest bank by market value, lost 2.4 percent to 363 yen. Nintendo Co. (7974 JO), the world’s largest maker of video-game players, slumped 4.9 percent to 11,650 yen, a level not seen since August 2005. Nomura Holdings Inc. (8604) (8604 JT), Japan’s largest brokerage, fell 3.8 percent to 327 yen, the lowest since January 1975.
Asahi Diamond Industrial Co. (6140 JT), a maker of diamond- tipped tools, plummeted 8 percent to 1,506 yen. Nomura Holdings Inc. cut its rating on the company’s shares to “neutral” from “buy” and slashed a 12-month share price estimate by 20 percent to 1,690 yen, citing the outlook for demand for diamond wires.
Disco Corp. (6146) (6146 JT), a maker of chip-manufacturing equipment, retreated 4.1 percent to 3,865 yen, the lowest since July 2009. The company cut its full-year net income forecast by 18 percent to 9.1 billion yen ($117 million), citing lower capital spending by its customers. The company reduced its planned annual dividend to 55 yen from 67 yen.
Dowa Holdings Co. (5714 JT), a metal smelter, sank 2.4 percent to 454 yen. The company said net income plunged 79 percent to 1.35 billion yen in the three months ended June 30, as revenue slipped.
Ebara Corp. (6361) (6361 JT), a pump maker, sank 4.4 percent to 346 yen, a level not seen since Nov. 24. The company had its rating cut to “hold” from “buy” at Deutsche Bank AG.
Elpida Memory Inc. (6665) (6665 JT), Japan’s sole maker of computer memory chips, tumbled 9.2 percent to 573 yen, the lowest close since March 2009. The company posted a net loss of 7.87 billion yen for the three months ended June 30, compared with a profit of 30.7 billion yen a year earlier, citing lower prices and the yen’s appreciation.
Gree Inc. (3632 JT), which operates a social-networking website, surged 9 percent to 1,882 yen. The company projected net income will rise to as much as 28 billion yen in the year through June 2012 from 18.2 billion yen.
Gree will tie up with SK Telecom Co. (017670 KS), which offers telecommunications services in South Korea, in services to provide online applications and promoting their products, according to a statement to the Tokyo Stock Exchange.
Inpex Corp. (1605) (1605 JT), Japan’s largest energy exploration company, declined 5.5 percent to 497,000 yen. Crude for September delivery fell as much as 6.9 percent to $75.71 a barrel in electronic trading in New York today, the lowest intraday price since Sept. 29.
Mabuchi Motor Co. (6592 JT), a maker of motors for digital- cameras, lost 2.7 percent to 3,565 yen. The company slashed its full-year net income forecast by 49 percent to 3.3 billion yen, citing weaker-than-expected sales, higher material costs and the yen’s appreciation.
Matsuda Sangyo Co. (7456 JT), a wholesaler of precious metals and electronic material, jumped 7.4 percent to 1,286 yen. The company reported a 52 percent jump in first-quarter net income and boosted full-year profit outlook by 7.3 percent to 4.4 billion yen.
NHK Spring Co. (5991 JT), an autoparts maker, fell 2.3 percent to 729 yen. The company reported a 44 percent drop in first-quarter net income to 2.64 billion yen on lower sales. The company projected full-year profit will decline 7.3 percent to 18 billion yen.
Sumitomo Light Metal Industries Ltd. (5738) (5738 JT), an aluminum maker, leapt 5.2 percent to 81 yen. The company reported a 93 percent jump in net income to 3.95 billion yen for the April- June period with higher sales.
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