Sony shares rise after optimistic CEO comments

theflyonthewall.com

Shares of Sony (SNE) rallied after company CEO Kazuo Hirai made optimistic comments to reporters at the company's Tokyo headquarters. According to USA Today, the CEO told reporters that the company is more nimble and headed in the right direction. This past year, Sony shares reached a high of $22.35 in February and then started a slide that reached a low of around $9.50 in early December. Many attribute the slide in Sony's business too its overly bureaucratic and complex corporate culture, which impeded the company's decision making and timing. Hirai acknowledged that Sony has been mired in a "sprawling bureaucracy" and that he will be personally involved in product development. Sony shares are up 6% to $11.88 in late afternoon trading.

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