The Osaka-based Panasonic Corporation’s (ADR) (NYSE:PC) stock fell by the daily limit in Tokyo trading session after estimating a loss 30 times more than analyst forecasts due to restructuring charges and falling demand.
Shares of the Japan’s second- biggest TV manufacturer fell 19% to settle at 414 yen as of 9:33 AM, headed for the record low level since February 1975. Shares of Sony Corp plunged 4.6% in Tokyo, Sony set to announce earnings today.
Panasonic, the maker of consumer electronics, solar panels and home appliances, reported in a statement that its net loss may be 765 billion yen or $9.6 billion in the year finishing March 31.
Nomura Holdings analyst Shiro Mikoshiba shattered his rating for the security to neutral from buy and lowers his price forecasts by 33% to 500 yen.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Sony Corporation (ADR) (NYSE:SNE) fell -0.93% to settle at $11.74, Nokia Corporation (ADR) (NYSE:NOK) moved up +4.30% to end at $2.67 while Apple Inc. (NASDAQ:AAPL) dropped -1.44% to finish at $595.32 on Wednesday.
Panasonic Corporation (ADR) (NYSE:PC) on Oct 31, 2012 increased -9.64% to the closing price of $5.53. The overall volume in the last trading session was 1.19 million shares. Its fifty two weeks range was $5.46 – $11.00. The total market capitalization remained at $12.78 billion.
PC is behind of its 52-week low with -8.44% and lagging behind from its 52-week high price with -49.73%. PC’s last month’s stock price volatility remained 1.61%. In its share capital PC has 2.45 billion outstanding shares, among them 2.39 billion shares have been floated in market exchange. PC’s stock’s institutional ownership remained 1.93%.
The stock price of PC is moving down from its 20 days moving average with -12.77% and remote negatively from 50 days moving average with -17.76%. PC’s current quarter performance remained at -20.09%. Company’s beta coefficient included 0.86. Beta factors measure the amount of market risk associated with market trade.
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