The following stocks are on the move on Wednesday.
0532 GMT – NEC Corp up 2.08 percent at 3,430 yen after the electronics giant announced in early afternoon it plans to invest 600 billion yen over the next three years in mergers and acquisitions in an attempt to boost its global competitiveness.
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0505 GMT – Softbank Technology Corp down 7.77 percent at 9,500 yen with investor sentiment dented by a continuing downslide in the share price of its parent Softbank Corp .
This is the first time the share price of the provider of Internet-related technological services has fallen below the 10,000 level since its debut on the over-the-counter market in July 1999.
0405 GMT – Kentucky Fried Chicken Japan Ltd bid-only at 1,441 yen, up by its daily limit of 200 yen from Tuesday close of 1,241 yen, after the fast food chain raised its dividend forecast for the year to November to 140 yen a share from 30 yen.
0136 GMT – Softbank Corp down 11 percent at 12,380 yen, exceeding a year-to-date intraday low of 13,420 yen recorded on May 24. Softbank has been under pressure in recent trade as its three-for-one share split in late June has worsened the supply-demand balance of its shares.
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By GlobalDataStock also being hurt by concern over takeover of failed Nippon Credit Bank by a Softbank-led consortium. Although the bank is set to resume operating in August, it remains unclear how its new owners plan to make it profitable, said Akira Ishihara analyst at Shinko Securities.
0105 GMT – Canon Chemicals Inc up 5.71 percent at 1,480 yen after the maker of toner cartridges and key parts of laser printers raised its parent net profit forecast for the year to December to 4.4 billion yen from the previous forecast of 3.8 billion yen.
0050 GMT – Hitachi Powdered Metals Co Ltd up 82 yen or 8.06 percent at 1,100 after the Daiwa Institute of Research Ltd assigned it an “A” rating, meaning its analysts expect the stock to outperform the TOPIX index by more than 10 percentage points over the next six months.
Daiwa said in a report it was undervalued with a price-earnings ratio of less than 20 on a consolidated basis. Hitachi Powdered Metals is one of Japan’s largest powder metallurgy products manufacturers.
0040 GMT – Sugi Pharmacy Co Ltd up 600 yen or 6.74 percent at 9,500 after the drug store chain operator said its parent current profit for the three months to the end of May rose 83 percent year-on-year.
Sugi Pharmacy was one of the first eight issues to list on the new Nasdaq Japan market last month.
0030 GMT – Bankrupt hotel operator Dai-Ichi Hotel Ltd up four yen or 21.05 percent at 23 and the most heavily traded issue on the first section of the Tokyo Stock Exchange on news department store operator Hankyu Corp would give it financial support.
Dai-Ichi, burdened with 115 billion yen in debt, filed for court-led business rehabilitation in May. Its shares are to be delisted from the Tokyo bourse on August 27.
0025 GMT – Snow Brand Milk Products Co Ltd down 22 yen or 4.29 percent at 491, extending its steep losses of the past week on news its products caused nearly 10,000 people to have food poisoning.
Media reports said Snow Brand was widening a recall to a total of 66 products, and that it may not be able to reopen its Osaka factory if the Health and Welfare Ministry decides to revoke approval for self-imposed safety checks.
0020 GMT – Honda Motor Co Ltd up 210 yen or 5.59 percent at 3,970, adding to Tuesday’s 7.74 percent jump on news its June vehicle sales in the United States rose 16.1 percent year-on-year.
0015 GMT – Anritsu Corp bid-only at 2,410 yen, extending Tuesday’s 15.13 percent surge to 2,290 after Nikko Salomon Smith Barney raised its target share price to 4,000 and reiterated its “1H” rating.
A “1H” rating means a stock is expected to outperform the TOPIX index by more than 25 percentage points over the next 12 to 18 months.
