Sharp Jumps After Sales Rise on Television Demand: Tokyo Mover
Sharp Corp. (6753), Japan’s largest maker of liquid-crystal displays, surged in Tokyo trading to become the second-biggest gainer on the Nikkei 225 Stock Average after saying sales rose because of demand for TVs and home appliances.
Sharp rose 3.9 percent to close at 293 yen, the largest gain since Dec. 26. The benchmark index slid 0.9 percent.
Sales increased in each of the last four months from a year earlier, helped by recovering demand for LCD televisions, President Takashi Okuda told reporters in Osaka yesterday. A weaker yen is also benefiting Sharp, which in November warned about its ability to survive after hemorrhaging 103 billion yen ($1.2 billion) in cash from operations in the fiscal first half.
The Osaka-based company, which lost 55 percent of its market value last year, will disclose its strategy for increasing capital in a medium-term plan by March 31, Okuda said. He declined to say whether Sharp is in talks to sell new shares.
The electronics maker is also on track to boost U.S. sales more than 10 percent for the third straight fiscal year, Toshiyuki Osawa, head of the U.S. unit, said yesterday at the Consumer Electronics Show in Las Vegas.
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