Market Updates
Tokyo Stocks Edge Lower; Konica, Kubota Drop
123jump.com Staff
07 Aug, 2009
New York City
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Elipda Memory surged in Tokyo trading on the expectations of government funding. Konica Minolta net plunged 98% in the first quarter. Bridgestone revised its quarterly ordinary income higher. Japan Airlines revenues plunged 32%.
[R]8:00 PM Tokyo, 7:00 AM New York – Elipda Memory surged in Tokyo trading on the expectations of government funding. Konica Minolta net plunged 98% in the first quarter. Bridgestone revised its quarterly ordinary income higher. Japan Airlines revenues plunged 32%.[/R]
Weak earnings from Kubota, Konica and Japan Airlines dragged market sentiment lower.
The Nikkei 225 Index in Tokyo closed higher 24.00 or 0.23% to 10,412.09.
Gainers & Losers
Elpida Memory Inc surged 12% to 1,340 yen after the company is likely to receive up to 30 billion yen in funds according to Nikkei News. The company is also expected to purchase insolvent Germany based Qimonda AG graphic unit according to Bloomberg news.
Two days ago, the company reported first quarter sales declined 33.6% t 72.6 billion yen and lost 44.4 billion yen compared to 13.8 billion yen a year ago. In the quarter spot prices for memory products increased 20% from the previous quarter. The company expects extreme price volatility in the current quarter and only estimated bit shipment growth of 10%.
Suntory Holdings Ltd first half sales increased 1% to 731 billion yen and net income dropped 28% to 8.16 billion yen. The company left its annual outlook unchanged at 2.8% increase in sales to 1.56 trillion yen and net income gain of 12% to 36 billion yen.
Konica Minolta dropped its daily limit of 10% to 891 yen after it reported revenues dropped 25% to 189.44 billion yen and net income plunged 98% to 299 billion yen.
Bridgestone revised its sales and income projection today. The revised net sales estimates were lowered 0.4% to 2.6 trillion yen and operating income estimate was increased 8.9% and net income was left unchanged at 6 billion yen.
Japan Airlines first quarter revenues declined 32% to 334.8 billion yen and lost 99 billion yen in the quarter compared to a loss of 3.4 billion yen. International traffic declined 47% and domestic traffic fell 15%. The company reduced available seat kilometer capacity by 10.4% in the quarter.
Total load factor declined to 53.3% from 59.3% in the previous quarter.
The airline left its estimate for the current quarter unchanged. The airline expects operating revenue of 1,748 billion yen, operating loss of 59 billion yen, ordinary loss of 108 billion yen, and an overall net loss of 63 billion yen.
Kubota Corporation dropped 6.1% to 765 yen after the manufacturer of farm equipment reported second quarter revenues fell 25.4% to ¥195.3 billion from ¥261.9 billion a year ago. Net income in the quarter fell 72% to ¥5.56 billion or ¥21.84 per diluted share compared to net income of ¥20.0 billion or ¥78.29 per share a year ago.
Toyota Motor, Nissan and Honda Motor edged lower after the U.S. lawmakers extended old car rebate exchange program. Of the five best selling cars in the program, four are made Japanese companies.
Pioneer Corp decreased 3.2% to 273 yen after Mainichi newspaper reported that the company is looking to raise up to 40 billion yen as reported by Bloomberg.
Nikkei 200 Average Movers
Konica Minolta Holdings Inc led the decliners in the Nikkei 225 index of 10.0% followed by losses in Kubota Corp of 6.1%, in Taiyo Yuden Co Ltd of 4.3%, in Tokai Carbon Co Ltd of 3.9% and in Hitachi Zosen Corp of 3.8%.
Toray Industries Inc led gainers in the Nikkei 225 index with a rise of 7.2% followed by gains in TDK Corp of 6.7%, in Mitsubishi Rayon Co Ltd 5.8% and Sanyo Electric Co Ltd of 4.6%.
Asian Markets Review
The Nikkei 225 Index in Tokyo closed higher 24.00 or 0.23% to 10,412.09, Hang Seng index in Hong Kong decreased 523.87 or 2.51% to 20,375.37 and CSI 300 index in China lower 108.02 or 2.95% to 3,555.10. ASX 200 index in Australia decreased 26.90 or 0.62% to 4,299.40. The FTSE Bursa KL Composite index in Malaysia closed higher 0.91 or 0.08% to 1,184.88.
The Kospi Index in South Korea increased 10.96 or 0.70% to close at 1,576.00. SET index in Thailand closed lower 5.01 or 0.77% to 644.20 and JSE Index in Indonesia decreased 10.84 or 0.46% to 2,349.13. The Sensex index in India decreased 353.79 or 2.28% to 15,160.24.
Annual Returns
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Earnings
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