LOS ANGELES: Japanese stocks moved lower in early Thursday trading, with the blue chips underperforming the broader market, but with Sony Corp. 6758, +11.25% SNE, +0.62% surging on its earnings.
After rallying 2% higher the previous day, the Nikkei Average NIK, -1.00% was down 0.5% and the Topix off 0.2% amid reported profit-taking, with the dollar USDJPY, +0.04% buying ¥117.27, little moved from ¥117.37 at the Wednesday close.
Earnings were the main focus, however, with Sony zooming 8.5% higher after it revised up its operating-profit forecast for the fiscal year to show a profit, rather than a loss as previously projected.
Yahoo Japan Corp. 4689, +5.12% YAHOF, +2.68% also climbed on the back of its earnings, with the shares up 2%. On the other hand, Hitachi Ltd. 6501, -10.06% HTHIF, -5.01% skidded more than 10% lower as a higher sales outlook couldn’t overcome the company’s drop in quarterly profit.
Likewise, Toyota Motor Corp. 7203, -1.16% TM, -0.88% lost 1.5% as a hike to its full-year forecast failed to support the stock.
Beyond earnings, the dive in crude-oil futures overnight sent Inpex Corp. 1605, -3.07% IPXHY, -1.91% down 3% and Showa Shell Sekiyu K.K. 5002, -2.01% down 2.1%, while Japan Airlines Co. 9201, +1.07% JAPSY, +0.00% and ANA Holdings Inc. 9202, -1.29% ALNPF, +1.36% each rose 1.1%. Also on the move, “Hello Kitty” creator Sanrio Co. 8136, +2.62% saw its shares rise 2.1% as a Nikkei news report tipped the company to post a mild profit gain, thanks to strong Asian demand.
