Japan&#39;s NEC Elec could miss profit forecast: Paper
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TOKYO: Japan&#39;s NEC Electronics Corp is likely to miss its operating profit forecast for the year to March by 40 %due to sluggish demand for microchips, a Japanese newspaper said on Saturday.
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The Nikkei lost 1 percent on Thursday as  stocks such as Matsushita Electric Industrial Co. fell after  downbeat earnings at U.S. firms, while a profit warning from  Sony Corp. looked set to push the market lower.
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Electronic Data Systems Corp. EDS.N  on Monday posted a higher-than-expected profit thanks to cost  cutting, but it forecast 2005 earnings would fall short of  analysts' estimates as it hopes to bring back growth by  investing $1 billion in key areas this year.
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Shares of the Sanyo Electric Company, the Japanese electronics maker, fell 6 percent after the company forecast a third annual loss on slumping sales of mobile phones and digital cameras and because of increased costs for laying off 2 percent of its work force. Sanyo, based in Osaka, reported Friday that it expected to post a 50-billion-yen ($433 million) loss for the fiscal year ending March 31, reversing a May target of a profit of 20 billion yen. The company is spending a further 40 billion yen this fiscal year on revamping costs, which will include 2,200 job cuts, after cutting 14,000 employees and closing 10 percent of its business units in the last 12 months.
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Japanese stocks are expected to move in a narrow range on Monday as investors take a wait-and-see attitude because of concern over the impact on the economy of the strong yen.
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Flextronics International Ltd.,  the No. 1 contract electronics manufacturer, on Monday posted a  quarterly profit versus a year earlier loss but a weak forecast  due to weakening consumer and communications demand sent shares  down nearly 8 percent.
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The New York Times Company said yesterday that its profit for the year would fall short of what it had initially forecast, a casualty of higher costs and of advertising revenue that has
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Tokyo's Nikkei lost 1 percent on Thursday  as stocks such as Matsushita Electric Industrial Co. fell after  disappointing earnings from U.S. firms fanned concern about  profit trends and sent Wall Street lower.
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NEC Electronics Corp. may miss its full-year profit forecast by 39 percent as demand declines for semiconductors used in mobile phones and DVD recorders, the Nihon Keizai newspaper said yesterday.
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Ford Motor Co.'s  European division is sticking to forecasts of higher 2007 profits although it is worried about Japanese competition due to the weak yen, Chief Executive Lewis Booth was quoted on Saturday as saying.
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The Nasdaq exchange will halt trade in NEC Corp  ADRs from September 27, after the Japanese electronics group missed a twice-extended deadline to file an auditor-approved earnings report, NEC said on Wednesday.
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The Japanese unit of Intel Corp., the world's biggest chip maker, declined comment on Saturday on media reports that it would receive a warning from Japan's antitrust regulators about its business practices.
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Mitsubishi Electric Corp. 6503.T, a   major Japanese electronics conglomerate, nudged up its annual   profit outlook on strong sales of factory automation systems,   but the forecast fell short of market expectations.
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Cell phone maker Motorola Inc. on Wednesday warned of a second-quarter profit and sales shortfall, blaming poor results in its mobile devices business in Asia and Europe. The company also said it no longer expects mobile devices &#151; its largest business &#151; to be profitable in 2007.
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The electronics company warns on third-quarter earnings.
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Japan's NEC Corp. (6701.T) said on  Tuesday its net loss quintupled on sluggish mobile phone sales  and discounted tax assets, and cut its full-year forecast by 64  percent after switching to Japanese accounting rules.
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KYOTO, Japan  - Japanese video game maker Nintendo  Co. Ltd.  said on Tuesday it sees an emerging  possibility it will beat its earnings forecasts for the year to  March as well as its sales target for the DS handheld games.