SONY TO BEGIN OVERSEAS SALES OF MD PLAYER WITH PC EDITING
TOKYO - Sony Corp. (NYSE:SNE - news; TSE:6758) will introduce MiniDisc (MD) players in Europe, Canada and some parts of Southeast Asia that can be linked to a personal computer to allow text to be inserted and music entries to be edited. Sony will begin exporting three models of the MDS-PC1 series, which are already popular in Japan, beginning in July. Special to the series is a feature that allows users to input text and edit entries with PC software. The models sold abroad will be priced comparably to those sold in Japan, which start at just over 50,000 yen (about US$373).
Dow Jones Newswires -- July 6, 1998 Japan's Sony Shares Up Midday On Pension Fund Buys
Dow Jones Newswires
TOKYO (Nikkei/Dow Jones)--Shares of Japanese electronics giant Sony Corp. (SNE or 6758) are marginally higher midday Tuesday after buying by domestic pension fund managers supported a late-morning rally, traders said.
At the Tuesday midday break, shares of Sony Corp. were up Y70, or
0.6%, at Y11,990 on volume of 279,700 shares.
A recent round of buying of low-priced issues has run its course, and dealers are again targeting some high-tech shares, said an analyst with a mid-size securities house.
Prices of Sony shares are also being supported by an overnight rise on the
tech-heavy Nasdaq index, and by continued weakness in the yen, traders said.
Cut from WSJ Interactive this morning- On Friday, Prime Minister Ryutaro Hashimoto said the government will implement permanent income tax cuts next year, which boosted share prices and the yen.
On Sunday, however, the premier said that while his government would debate permanent reforms to the income tax system, he was by no means certain the reforms would result in any net reduction of the tax burden.
The yen's slide against the U.S. dollar also contributed to the market's downturn. Late Monday, the dollar was quoted at 140.50 yen, up from 139.76 yen in late Friday trading in Tokyo.
"It was natural that participants took a breath today after eight sessions of gains," said Masaru Arai, general manager at Ryoko Securities Co.
"The medium- to long-term outlook is still bullish amid the likelihood of active short covering of low-priced shares," which have been sold heavily during the country's economic slump, he said.
Sne is up 75 to 82.75 and still trading at a discount to close in Japan. Yen is 141.7 and close was 11790 which figures to 83.20.
Sony posted their anual report a few days ago. Nice info here at this site and one can find out more about Sony than you ever wanted to know. Notice next Q should be out around August 1. If earnings have been powered up by low yen we should have a nice move between now and middle of August.