Japan Stocks: Hitachi, JFE, Kao, Minebea, Nidec, Nintendo, TDK
Japan’s Nikkei 225 (NKY) Stock Average fell 13.84, or 0.2 percent, to 8,748.47 at the 3 p.m. close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Hard-disk-related companies: Minebea Co. (6479 JT) TDK Corp. (6762) (6762 JT), Nidec Corp. (6594) (6594 JO) gained after Nomura Holdings Inc. said it will recommend buying shares in the three companies that make materials for hard-disk drives as earnings may improve after Thailand recovers from flooding.
Minebea gained 5.9 percent to 286 yen after Nomura boosted its equity rating to “buy” from “neutral.” TDK jumped 8.4 percent to 3,310 yen and Nidec soared 7.2 percent to 6,540 yen, with Nomura maintaining their “buy” ratings.
Fanuc Corp. (6954) (6954 JT), Japan’s biggest maker of industrial robots, rose 2.9 percent to 12,510 yen. The company raised its full-year net-income outlook 25 percent to 150 billion yen ($2 billion), Fanuc said in a release one hour before the market closed yesterday.
Fujitsu General Ltd. (6755) (6755 JT) tumbled 8.6 percent to 459 yen. The air-conditioner manufacturer said net income rose 16 percent to 3.26 billion yen in the six months ended Sept. 30. The result was 6.8 percent less than the company’s 3.5 billion yen forecast.
Hitachi Ltd. (6501) (6501 JT), a maker of products from electronics to nuclear reactors, gained 3.7 percent to 424 yen. The company said in an earnings statement that first-half net income was five times greater than its forecast on cost-cutting and faster-than-expected recovery from the March earthquake.
JFE Shoji Holdings Inc. (3332) (3332 JT), a steel-product wholesaler, surged 12 percent to 352 yen, the biggest gain since October 2008. Shares rallied after JFE Holdings Inc. (5411) (5411 JT) said it would buy out the company through a stock transaction. JFE Holdings rallied 4.4 percent to 1,459 yen.
Kao Corp. (4452) (4452 JT), a household products maker, sank 4.5 percent to 2,030 yen. The company said first-half net income rose 10 percent to 30.7 billion yen, compared with a forecast of 32 billion yen. Nomura Holdings Inc. cut its investment rating to “neutral” from “buy,” trimming Kao’s target price to 2,400 yen from 2,700 yen.
Nintendo Co. (7974 JO), the world’s largest maker of video- game consoles, declined 4.2 percent to 11,180 yen. The Nikkei newspaper reported the company likely had a wider-than-forecast pretax loss in the six months ended September, hurt by the yen’s rise against the euro.
Nippon Steel Corp. (5401) (5401 JT), Japan’s largest steelmaker, fell 2.4 percent to 204 yen after saying quarterly profit dropped more than half as raw-material costs climbed and the yen’s appreciation hurt exports.
Nissin Electric Co. (6641 JT), a maker of equipment for electrical substations, lost 5.8 percent to 500 yen. The company cut its full-year net-income forecast 4.2 percent to 4.6 billion yen, citing a possible slump in demand for ion implantation systems used for semiconductors. JPMorgan Chase & Co. lowered its rating to “neutral” from “overweight.”
Olympus Corp. (7733) (7733 JT), under fire from shareholders amid investigations into $687 million payments to advisers in a 2008 takeover, slumped 7.6 percent to 1,099 yen. Japanese regulators have been urged by the head of the ruling Democratic Party’s financial affairs committee to probe Olympus over payments linked to acquisitions, the Financial Times reported. Olympus Chairman and President Tsuyoshi Kikukawa said the company didn’t commit any wrongdoing.
Poletowin Pitcrew Holdings Inc. (3657 JT), a provider of video-game testing services, was traded at 2,400 yen, 6.7 percent higher than its initial offering price of 2,250 yen per share. The company debuted today on the Tokyo Stock Exchange’s Mothers Index.
Relo Holdings Inc. (8876) (8876 JQ), a property manager, climbed 4 percent to 1,696 yen. The Tokyo Stock Exchange approved the company to move the shares to the bourse’s first section from the second as of Nov. 1, Relo said in a release.
Toyota Tsusho Corp. (8015) (8015 JT), the trading company partly owned by Toyota Motor Corp., lost 3.6 percent to 1,242 yen after Tokyo Electric Power Co. (9501 JT) said it will sell a 20 percent stake in Eurus Energy Holdings Corp. to Toyota Tsusho. Tokyo Electric, the utility known as Tepco, currently owns 60 percent of the wind power firm with Toyota Tsusho holding the rest, according to Eurus Energy’s website. Tepco rose 1.6 percent to 320 yen.
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