Bloomberg News

Hitachi, Honda, Komatsu, Nomura, Tepco, Toyota: Japanese Stocks

November 02, 2011

Nov. 2 (Bloomberg) -- Japan’s Nikkei 225 Stock Average fell 195.10, or 2.2 percent, to 8640.42 at the 3 p.m. close in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.

Akebono Brake industry Co. (7238 JT) plunged 11 percent to 345 yen. The company said first-half net income dropped 97 percent to 146 million yen ($1.9 million) from a year earlier. The brake manufacturer attributed the loss to the yen’s appreciation, rising materials cost and lower sales in the wake of the March earthquake.

Chudenko Corp. (1941 JP), an electrical facilities builder, plummeted 6.3 percent to 795 yen. The company reported a loss of 3 billion yen, widening the loss from 365 million yen a year earlier, citing low construction demand in the public sector and price pressure from competition.

Daikyo Inc. (8840 JT), a home builder, jumped 3.6 percent to 144 yen. The company raised its full-year net-income forecast 78 percent to 20.5 billion yen after some of its condominium units were sold earlier than expected.

Hitachi Ltd. (6501 JT), a maker of products from electronics to nuclear reactors, fell 2.4 percent to 416 yen. Hitachi said first-half net income fell 68 percent to 50.9 billion yen from a year earlier. The March earthquake and a stronger yen hurt earnings, according to the company’s report.

Idemitsu Kosan Co. (5019 JT), a petroleum refiner, rose 1.4 percent to 7,470 yen. The company raised its net-income forecast 13 percent to 67.5 billion yen, saying falling fuel prices cut its costs.

Japan Tobacco Inc. (2914 JP), Asia’s largest cigarette maker by market value, fell 4 percent to 381,000 yen. The company lowered its full-year operating-profit forecast 8.1 percent to 170 billion yen as domestic sales fell.

Komatsu Ltd. (6301 JT), world’s second-biggest maker of construction and mining machinery, tumbled 5 percent to 1,843 yen. The company’s sales of power shovels declined 57 percent in October, according to Nomura Securities Inc.

Mitsubishi Gas Chemical Co. (4182 JP) tumbled 6.9 percent to 463 yen. The chemical maker lowered its full-year net-income forecast 11 percent to 24 billion yen, saying rising materials costs were narrowing its margins.

Square Enix Holdings Co. (9684 JT), a video-game maker, surged 4 percent to 1,528 yen. The company reported first-half net income of 3.7 billion yen, compared with its forecast of 1.5 billion yen, on rising game sales, according to a preliminary earnings statement.

Toyota Motor Corp. (7203 JT), Japan’s biggest carmaker, slid 3.5 percent to 2,505 yen, and Honda Motor Co. (7267 JT) slumped 4.2 percent to 2,304 yen. Toyota’s U.S. sales declined 7.9 percent in October from a year earlier while Honda’s sales there fell 0.5 percent.

Mitsubishi Corp. (8058 JT), Japan’s No. 1 commodities trader, dropped 3.2 percent to 1,550 yen. Daiwa Securities Capital Markets cut its estimate for Mitsubishi’s full-year net income 5.8 percent to 488 billion yen on falling commodity prices.

NKSJ Holdings Inc. (8630 JT), Japan’s third-biggest non- life insurer, slid 1.9 percent to 1,518 yen. NKSJ said its first-half loss will be about 30 billion yen, missing its break- even forecast because of typhoons in Japan and hurricanes in the U.S., the Nikkei newspaper reported, without citing a source.

Nomura Holdings Inc. (8604 JT), Japan’s largest brokerage, slumped 4.1 percent to 282 yen. Nomura said it swung to a first- half loss of 28.3 billion yen from a profit of 3.3 billion yen a year earlier as trading and investment income fell.

Sumitomo Heavy Industries Ltd. (6302 JT) fell 2.5 percent to 427 yen. The machinery maker cut its full-year net-income forecast 6.7 percent to 28 billion yen, missing analysts’ estimates of a 30 billion yen profit. Barclays Capital Inc. lowered its target price to 490 yen from 520 yen.

Tokyo Electric Power Co. (9501 JT) declined 2.6 percent to 302 yen. The utility detected signs of nuclear fission at its crippled Fukushima Dai-Ichi nuclear power plant, according to an e-mailed statement. The company known as Tepco said it began spraying boric acid on the plant’s No. 2 reactor early this morning to prevent chain reactions.

--Editor: Jim Powell, Jason Clenfield.

To contact the reporters on this story: Masaaki Iwamoto in Tokyo at miwamoto4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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