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Sony (SNE) Surges: Stock Moves 8.2% Higher

Zacks Equity Research

Sony Corporation SNE was a big mover last session, as the company saw its shares rise more than 8% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, which remained volatile and traded within the range of $42.03 –$46.66 in the past one-month time frame, witnessed a sharp increase yesterday.

The move came following reports that Daniel Loeb’s Third Point has purchased a stake in the company.

The company has seen no changes when it comes to estimate revision over the past few weeks, while the Zacks Consensus Estimate for the current quarter has also remained unchanged. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.

Sony currently has a Zacks Rank #4 (Sell) while its Earnings ESP is 0.00%.

Sony Corporation Price

Sony Corporation Price | Sony Corporation Quote

Investors interested in the Audio Video Production industry may consider a better-ranked stock like Sonos, Inc. SONO, which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
 
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