Japan Hot Stocks-Daiei, Sharp, Mitsubishi Motors, Terumo
Reuters, 08.02.02, 12:31 AM ET
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TOKYO, Aug 2 (Reuters) - The following stocks are on the move
on Friday.
**DAIEI INC <8263.T> DOWN ON LOWER JULY SALES**
Embattled retailer Daiei down 2.29 percent at 213 yen.
Traders said reports of a decline in same-store sales of
almost 10 percent in July triggered selling of the issue.
From late June, lower than usual temperatures caused a
decline in sales of clothing, consumer electronics, and other
seasonal goods, a company spokesman said.
"From July 20 sales returned to above usual pace, so the
decline was a temporary one," he said.
0412 GMT
**SHARP SLIPS ON DOWNGRADE, ANALYST SAYS LCD DEMAND TO WEAKEN**
Sharp Corp <6753.T> down 90 yen or 6.41 percent at 1,315
after a Daiwa Institute of Research analyst downgraded its rating
to 3 from 2, saying demand for its liquid crystal displays (LCDs)
would likely weaken.
Sharp is Japan's largest maker of LCDs. On Wednesday, it
posted a 16 percent rise in consolidated operating profit to
25.86 billion yen ($216.9 million), led by rebounding display
prices and strong sales of its camera-equipped phones.
The new rating means it is now expected to move within five
percentage points in either direction of the TOPIX <.TOPX>,
rather than outperforming the index by 5 to 15 percentage points,
over the next six months.
0410 GMT
**MITSUBISHI MOTORS <7211.T> UP, TRADERS FOCUS ON U.S. SALES**
Mitsubishi Motors Corp, Japan's fourth-largest automaker, up
1.92 percent at 318 yen, reversing earlier losses as investors
shift their focus to its robust U.S. sales data from earlier news
of a massive recall.
Data showed U.S. sales of all Mitsubishi cars and light
trucks in July were up 40.5 percent from the year before.
Mitsubishi Motors said on Thursday it would recall 676,741
Minica and Minica Toppo minivehicles in Japan to deal with a
potentially defective battery box. The shares fell to as low as
302 yen in morning trade.
0355 GMT
**TERUMO <4543.T> UP ON FIRM EARNINGS OUTLOOK**
Medical supplies maker Terumo Corp up 5.45 percent at 1,605
yen, building on its gains over the past four sessions. On
Wednesday, the company forecast a group net profit of 16.50
billion yen for the year through next March, up from 14.44
billion yen in the previous year.
0345 GMT
**SONY DOWN, TOUCHES YEAR-LOW ON WORRIES OVER U.S. ECONOMY**
Sony Corp <6758.T> down 170 yen or 3.15 percent at 5,230. It
briefly fell to as low as 5,170 yen, a low so far this calendar
year, with traders citing concerns that the U.S. economy was
slowing down and that exporters like Sony would be hurt.
The Institute of Supply Management said on Thursday that U.S.
manufacturing grew for a sixth straight month in July but at a
far slower pace than in June.
0340 GMT
**OKI ELECTRIC <6703.T> UP ON NEWS OF NEW BILLS**
Oki Electric Industry Co Ltd, an ATM maker, up 12.74 percent
at 239 yen after news of Japan's introduction of new bills
fuelled expectations that banks and retailers would need to
replace their machines.
Oki Electric was the most actively traded issue by volume on
the Tokyo bourse's first section.
Fuji Denki Reiki Co Ltd <8280.T>, a distributor of vending
machines, also up 9.56 percent at 401 yen.
0334 GMT
**RICOH <7752.T> UP ON STRONG EARNINGS RESULTS**
Ricoh Co Ltd up 82 yen or 4.19 percent at 2,040, compared
with a 0.09 percent fall in the TOPIX index <.TOPX>.
The office equipment maker said on Thursday its operating
profit climbed 13.6 percent in April-June, continuing a string of
strong earnings results led by high-end copiers and printers.
Its operating profit forecast for the year to next March was
raised to 140 billion yen from 136 billion previously.
Nomura Securities on Friday raised its rating on Ricoh from
"2" to "1", meaning it expects the stock to outperform the TOPIX
by more than 15 percentage points over the following six months.
0330 GMT
**MATSUI SECURITIES <8628.T> AT YEAR-LOWS AFTER Q1 NET LOSS**
Online broker Matsui Securities down 103 yen or 8.74 percent
at 1,076, continuing its slide from the previous day to lifetime
lows. It briefly fell as low as 1,071 yen.
Matsui said on Wednesday it fell into the red for the
April-June quarter with a group net loss of 18 million yen, or
0.20 yen per share.
0155 GMT
**OMRON <6645.OS> UP ON REPORTED NEW BANK NOTES**
Omron up 6.74 percent at 1,806 yen on reports that Japan will
issue newly designed bank notes from fiscal 2004, a move expected
to require an overhaul of money-counting machines.
Omron is a leading manufacturer of automatic teller machines
as well as thermometers.
0035 GMT
**GLORY, JAPAN CASH MACHINE UP ON REPORTED NEW BANK NOTES**
Glory Ltd <6457.OS> bid-only at 1,930 yen, up 6.6 percent
from Thursday's close of 1,810 yen, and Japan Cash Machine
<6418.OS> bid-only at 2,020 yen, up 8.0 percent from last close
of 1,870 yen.
Domestic media reported that Japan would redesign some of its
bank notes and start circulating them in fiscal 2004.
The two are leading manufacturers of money processing
machines.
0015 GMT
Copyright 2002, Reuters News Service
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