Sony Slumps by Most in Four Years as Losses Stun Traders
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Sony Corp. shares dropped the most in four years after reporting an eighth consecutive quarter of losses, an unpleasant surprise for investors who borrowed money to buy the stock on bets the weaker yen would help turn around Japan’s biggest exporter of consumer electronics.
A 59 percent jump this year by the maker of PlayStation game consoles helped drive the number of the shares being held in margin accounts to a 13-year high, according to data compiled by Bloomberg. The accounts held 5.48 million shares as of yesterday, the most since March 2000, the data show.