Tokyo Stock Exchange drops Sony’s Share price by $US21 per share (Loss of $US 1 Billion) ???
Following a 51% drop in profits which could go even higher – 59% !
©2008 Grant Smythe:
In a time of economic downturn, seeing any company losing share value on the stock market is worrying enough to say the least. Especially if it is a major one like Sony Corp which was reported by Bloomberg yesterday as having a huge fall in shares (14%). Now we’re NOT picking on Sony right now, so get that out of your heads before going on the offensive. We’re simply reporting the news as it happens regarding a major player in the game industry.
While all have suffered a loss, none have suffered it more than Sony has now. And it looks like it’s not over yet. As Sony’s Seiichiro Iwamoto said , who oversees the $1 billion at Mizuho Asset Management Co. in Tokyo.
“The bad news about Sony hasn’t run out yet, . . . . Given the weakening euro and possible wider losses on shareholdings, “Given the weakening euro and possible wider losses on shareholdings, I wouldn’t be surprised even if operating profit falls to JPY 100 billion yen ($US 1 bilion) this year.”