Japanese Stocks: KDDI, Nippon Electric Glass, Olympus, TDK Corp.
Japan’s Nikkei 225 (NKY) Stock Average fell 137.69, or 1.6 percent, to 8,741.91 as of the 3 p.m. close of trading in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
KDDI Corp. (9433) (9433 JT), a mobile-phone company, dropped 4.3 percent to 558,000 after the Nikkei newspaper report that larger NTT DoCoMo Inc. (9437) will announce a plan to cut smartphone data fees by 20 percent.
Nippon Electric Glass Co. (5214 JT) dropped 3.5 percent to 772 yen after Goldman Sachs Group Inc. cut its investment rating to “neutral” from “buy” and lowered the glassmaker’s target price to 800 yen from 1,090 yen. Separately, the company lowered its net income forecast for the six months ending September to 24 billion yen.
Olympus Corp. (7733) (7733 JT), an optical-equipment maker, plunged 8.9 percent to 1,417 yen, extending its 24 percent drop yesterday. Ousted Olympus President Michael C. Woodford asked U.K. prosecutors to investigate payments made by the Japanese company to advisers in a 2008 acquisition.
Woodford met with the U.K. Serious Fraud Office, which investigates corruption, and gave officials documents including a PricewaterhouseCoopers report that he commissioned, he said yesterday. He met with the SFO’s intelligence officers, who will decide whether to proceed with an investigation, a person familiar with the meeting said.
TDK Corp. (6762 JP), a maker of electronic components, dropped 3.4 percent to 2,824 yen after the company said two more of its plants in Thailand were halted because of flooding.
To contact the reporter on this story: Yoshiaki Nohara in Tokyo at email@example.com
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org