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Market Update

Hitachi, Mitsubishi to Join Alstom Bid, Japan Indexes Fall from 4-Month Peak

Author: Hiruki Nakamura
Last Update: 11:57 AM ET June 12 2014

4:30 PM Tokyo Tokyo stocks decline from a 4-month high and the yen held firm. Takata Corp, the maker of air bags for Toyota, extended losses for the second day after defective air bags may need more fixes. Tokyo Dome quarterly net plunged 63%. Fanuc and Komatsu dropped on weak exporters.

Stocks in Tokyo dropped from a 4-month high and exporters led the decline and the yen held near its one-week average.

The Cabinet Office said seasonally adjusted core machine orders in April plunged 9.1% following surge of 19.1% in March. On a yearly basis, core machine orders jumped 17.6% from 16.1% increase in the last month.

The Nikkei 225 Stock Average slipped 95.95 or 0.6% to 14,973.53 and the broader Topix index slid 1.32 to 1,237.75.

The yen dropped and close at 102.07 against one U.S. dollar.

Stocks in Review

Ardepro Co Ltd declined 3.9% to 199 yen after the real estate developer forecasted net sales for the third-quarter ending in July of 5.06 billion yen and operating income of 610 million yen while net income of 582 million yen.

For the year, the company expects sales of 10.34 billion yen and operating income of 1,611 million yen and net income of 1,526 million yen.

Aderans Co Ltd decreased 0.2% to 1,551 yen after the hair transplant service provider said total sales in May climbed 99.2% from 88.4% in April and sales of ready-made wig at department store and directly operated salons surged 110.3% from 79.9% in April.

Hitachi Ltd fell 0.9% to 710 yen after the Nikkei newspaper reported diversified manufacturer plans to join with Mitsubishi Heavy Industries, Ltd and Siemens AG in their tender for energy assets of Alstom SA worth 1 trillion yen or $9.80 billion.

Japan Tobacco Inc climbed 2.2% to 3,672 yen after the tobacco and cigarettes producer agreed to acquire U.K.-based Zandera, Ltd., the maker of E-Lites, a leading brand of e-cigarettes.

No financial terms were disclosed and the transaction is expected to complete by the end of second-quarter.

Mitsubishi Heavy Industries rose 1.2% to 649 yen and the company is in talks with Siemens AG for a joint offer to acquire energy business of Alstom SA.

Mitsubishi Motors Corporation slid 0.4% to 1,094 yen after the Japan-based passenger vehicles maker said it will recall about 920,000 vehicles worldwide of which 703,888 in the domestic market to repair light switches.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc