Wish they would all get on the same buy page. One day maybe.
TOKYO (Nikkei/Dow Jones)--Shares of Japan's Sony Corp. (SNE or 6758) advanced Friday on active bargain hunting after the shares closed lower for five of the past six days through Thursday.
At the end of the session on the Tokyo Stock Exchange, Sony shares were up Y160, or 1.4%, at Y11,310 on volume of 715,700 shares. The shares rose as high as Y11,420 in the midafternoon. The stock's trading value of Y8.1 billion ranked top among shares traded on the Tokyo market.
Long-term funds in Japan and abroad were active buyers, a trader said.
Despite concerns about earnings prospects of the overall high-technology sector, highly competitive companies like Sony should remain profitable even in a low-growth period, said a manager at a foreign-owned fund.
LTCB Warburg Securities bought 860,000 shares in the morning session alone. Merrill Lynch Japan and ABN Amro Securities Japan purchased Sony shares as well.
On the other hand, Salomon Smith Barney was an active seller, as some foreigners continued to narrow the proportions of Japanese stocks in their portfolios, a market observer said.
To put a good spin on Godzilla I would say, Sony's ability to make $ out of this high tech movie should give stockholders confidence that the company is one of the best investments on the planet right now.
"Godzilla," with a $120 million production budget and tens of millions of dollars more in marketing costs, has been roundly criticized in Hollywood, after taking in only about $100 million at the box office. But in an interview "Godzilla" producer Dean Devlin expressed frustration with the perception that the film is a failure.
He projected that "Godzilla" ultimately will make about $100 million in profit for Sony, and adds that there is still "a very good chance" that a sequel will be made. But he said that decision will probably "not have to do with profit; it will have to do with whether we want to go through this abuse again."
Mr. Devlin added: "This is going to go down in the record books as one of the most successful `flops' in history."