Asian equities mostly rose on Thursday, with the exception of Seoul, as investors took heart from a turn in oil prices and after the Federal Reserve said it was confident in the U.S. economy.» Read More
Japan's big three automakers, Toyota Motor Corp, Nissan Motor Co and Honda Motor Co, were in demand as investors factored in concerns over sputtering global growth and sluggish demand from China amid rising anti-Japanese sentiment over a territorial dispute.
TOKYO, Oct 4- The Nikkei average advanced 0.3 percent and the broader TOPIX rose 0.6 percent on Thursday morning. Struggling chipmaker Renesas Electronics Corp jumped 7.8 percent to 303 yen on short-squeeze after it said a larger-than-expected number of employees volunteered for its redundancy scheme.
*Canon, Ricoh, Konica slip after HP profit warning. *Nikon falls on report operating profit below consensus. TOKYO, Oct 4- Japan's Nikkei share average stayed near a four-week closing low in choppy trade on Thursday, with technology shares slumping on concerns over dwindling profits, although robust U.S. economic data offered some support.
Nihon Kohden Corp gained 4.4 percent to 2,744 yen after trading as high as 2,770 yen to a two-month high after J.P. Morgan raised its price target on the medical equipment maker to 4,100 yen from 3,700, saying it expected the firm to overshoot its first-half earnings guidance on strong Japanese sales.
The maker of precision motors was also weighed down by J.P. Morgan's downgrade to' neutral' from' overweight'. TDK Corp lost 2.5 percent to 2,791 yen, also hurt by a price target cut to 3,200 yen from 3,640 by J.P. Morgan.
Izumi Co Ltd jumped 17.7 percent to 1,926 yen, its highest level since December 2007, after the supermarket operator said it would spend up to 8 billion yen to buy back up to 4 million of its own shares, or 5.1 percent of its issuing shares, between Oct. 4 and Dec. 28.
The business daily said Tomy would take over Pokemon operations in Europe and the United States from Bandai Co, a unit of Namco Bandai Holdings Inc, and local firms. Namco Bandai slipped 2.1 percent to 1,274 yen.
Nikon Corp sagged 4.5 percent to a three-week low of 2,017 yen after the Nikkei business daily said the camera maker was likely to post an operating profit for the first half ended in September of around 35 billion yen, below a market consensus estimate of 40 billion yen. Nikon is due to report its interim earnings later this month.
Canon Inc shed 3 percent to 2,478 yen after its client Hewlett-Packard Co warned of an unexpectedly steep earnings slide in 2013, with revenue set to fall in every business division except software. A trader said 20 percent of Canon's sales go to Hewlett-Packard.
TOKYO, Oct 2- Japan's Nikkei share average inched up on Tuesday morning, buoyed by a surprisingly strong pick-up in U.S. manufacturing as well as gains for Softbank Corp after its purchase of a rival to boost its network capacity. The Nikkei inched up 21.8 points, or 0.3 percent to 8,818.38 by the midday break, with a softer yen helping exporters such as Canon Inc.
Softbank Corp rose 4.4 percent after the mobile operator said it would acquire smaller rival eAccess Ltd. in a $1.84 billion deal, stepping up a fight for market share with competitor KDDI Corp. eAccess was untraded with a glut of buy orders by mid-morning, while KDDI lost 2.5 percent.
S&P Capital IQ equity analyst Scott Kessler screened his firm’s stock data base for companies with “consumer-facing” technologies that are likely to play roles in the growth of online retailing and that S&P analysts are “bullish on.” TheStreet.com reports.
The number of wildcat strikes in Vietnam doubled last year as workers suffering from Asia’s highest inflation rate struggled to obtain better wages. The Financial Times reports.
Eastman Kodak's shares continued to trade with heavy volatility as the imaging company explores ways to shore up its financials. Its stock has swung wildly after Kodak hired Jones Day for restructuring advice.
Stocks sold off heavily at the open but quickly stabilized and are now well off their lows. Despite uncertainty about exactly what is happening at the nuclear reactors, Nikkei futures which trade at the CME have been rising for a good part of the morning and that undoubtedly helped.
The Nikkei was down 10.5 percent again last night and is now down almost 19 percent in the past 4 trading sessions. While some have been calling the markets decline "irrational" (the Nikkei has moved almost one annual standard deviation in three days, FTalphaville has noted), the unstable situation at the nuclear plants is a real X-factor that justify caution.
Japan's earthquake couldn’t have come at a worse time for US investors, who poured over $1 billion into Japanese exchange-traded funds last month, second only to US energy funds.
Various companies in the food chains of autos and semiconductors are also down. Polypore International, for example, which makes membranes for lead-acid and lithium batteries, is down 5 percent. As there were damage to many plants, a few semiconductor names outside Japan are trading up.
S&P downgraded Japan on Thursday, so is there a buying opportunity here? Jina Ventures' Ron Shah thinks there is in these three names.
What follows is a roundup of corporate earnings reports for Thursday, Jan. 27.