Sony Stock Plunges

October 24. 2008

Britney Spears

Sony, home to thieving acts such as Britney Spears and Beyonce, saw their stock plummet today, when they released a lower than expected earnings forecast for the future. Today, the company lost more than 10% of its value.

Sony shock sends Japanese tech shares diving

Friday, 24 October 2008 12:20 - Japan's technology titans saw more than 10% of their market values wiped out today after a profit-warning from Sony Corporation sparked fears of an industry-wide earnings slump.

Analysts scrambled to cut their earning forecasts for Sony and other electronics makers, many of which have enjoyed record profits in recent years helped by a weak yen and strong demand overseas.

Analysts were surprise at the extent of the Sony downgrade, which was seen as one of the reasons for a 9.6% plunge in Tokyo's Nikkei index. They expect Sony's operating profit to drop 65% to 130 billion yen ($1.37 billion) this year, short of the company's own forecast for 200 billion yen.

http://www.rte.ie

Sony warning drags down Asia

After an earnings warning by Sony pushed its shares down over 12 per cent, Japan’s Nikkei 225 index hit a five and a half year low, closing down nearly 10 per cent.

http://www.thefirstpost.co.uk

The losses in Tokyo were led by Sony Corp. (JP:6758: news, chart, profile) (SNE 19.82, -1.64, -7.6%) , which slumped 14.1% to end at its lowest level since 1995, after the company on Thursday cut its full-year profit forecast to 150 billion yen ($1.54 billion) from 240 billion yen, citing a stronger yen, weaker sales in its electronics unit and hard times in the financial-services segment. See full story.

http://www.marketwatch.com