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Sony Slumps After Hirai Cuts Forecast as Tsuga Revamps Panasonic
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Sony Corp. President Kazuo Hirai is paying the price for trying to revive ailing TV and smartphone sales, with more than $2 billion of market value lost today, as his counterpart at Panasonic Corp. benefits from paring those units as it struggles to compete.
Sony stock headed for the biggest drop in five years after it unexpectedly lowered its full-year profit forecast by 40 percent on stalling television and digital camera demand and box office flops. Panasonic doubled its earnings projection after boosting battery sales, including a contract to supply Tesla Motors Inc., and tapping rising demand for solar panels.