NEC Electronics May Miss Profit Goal by 39 Percent, Nikkei Says
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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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Japanese stocks will probably open lower on Monday following a further decline in U.S. markets, with investors wary about company earnings, in particular those of technology firms.
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Business & money: Electrical goods retailer says annual profit will miss forecasts by as much as Â£50m after poor Christmas
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KYOTO, Japan  - Japanese video game maker Nintendo  Co. Ltd.  said on Tuesday it is possible the company  will beat its own earnings forecast for the current business  year, helped by continued robust sales of its DS handheld  games. DS sales for the year to the end of next March may  exceed its official forecast of 20 million units, Nintendo  President Satoru Iwata told Reuters in an interview.
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The Nikkei average fell 0.04 percent on  Friday as investors took profits in recent gainers such as  Toshiba Corp. (6502.T), although trade was relatively slow  ahead of a closely watched U.S. jobs report.
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Japan&#39;s NEC Corp. said Wednesday that the New York-based Nasdaq stock exchange will suspend trading in its shares after it failed to meet a deadline to restate its past financial results.
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By Kyodo News International, Tokyo  Mar. 8--TOKYO -- NEC Corp. has asked Nasdaq Stock Market LLC for a  further extension to file its annual report for fiscal 2005 to March 31, 2006,  with the U.S. Securities and Exchange Commission, company officials said  Thursday.
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KYOTO, Japan  - Japanese video game maker Nintendo  Co. Ltd.  said it may beat its earnings forecasts for  the year to March as well as its sales target for the DS  handheld games device.
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Japan&#39;s Nikkei 225 Stock Average fell for the first day in four. Nintendo Co. and Sharp Co. declined after brokerages cut their ratings on the companies, citing concern that earnings growth may slow.
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Japanese computer giant NEC said its interim net profit rose 62.6 percent to 25.2 billion yen (240 million dollars) but it cut its forecasts, citing slower mobile handset and semiconductor markets.
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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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Nissan Motor Co. Ltd.  is on track to hit its net profit target for the current fiscal year, Chief Executive Carlos Ghosn said on Thursday, after missing last year's target by about 10 percent.
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Japan's Nikkei average moved in a tight  range until late morning trade on Friday, underpinned by solid  gains in stocks dependent on domestic business, such as Kao  Corp.
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Tokyo's Nikkei fell 1 percent on Thursday  as stocks like NEC Corp. dropped after disappointing earnings  from U.S. firms fanned concern about profit trends and sent  Wall Street lower.
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NEC Corp., Japan's third-largest  electronics conglomerate, reported a steep fall in quarterly  profit and cut its full-year outlook on Thursday, battered by  sluggish demand for microchips and mobile phones.
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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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A U.S. investment fund is putting pressure on NEC Corp.  to give up control of its ailing chip making unit by offering $1.25 billion for a 25 percent stake, the latest foreign shareholder to apply heat on what they see as underperforming firms in Japan.