*NEWS*EPSON SHARES DROP 13%

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*NEWS*EPSON SHARES DROP 13%

 user 2007-07-30 at 11:41:00 am Views: 66
  • #18481

    Seiko Epson Shares Drop as Credit Suisse Cuts Rating
    July
    07 — Shares of Seiko Epson Corp., the world’s second-biggest maker of
    inkjet printers, tumbled the most in almost two years after Credit
    Suisse Group cut the stock’s investment rating to
    “underperform.”Seiko Epson plunged 13 percent to 3,330 yen at the
    close on the Tokyo Stock Exchange, the biggest drop since Sept. 22,
    2005. Kunihiko Kanno, a Tokyo-based analyst at Credit Suisse, lowered
    his rating on the Suwa, central Japan-based company from “neutral,”
    and kept his estimate for the shares to fall to 3,300 yen in the next
    12 months.“The current share price is overvalued,” Kanno wrote in a
    report dated July 27. The company’s inkjet-printer business faces
    “challenging” business conditions and expenses for promotions may be
    higher than anticipated, he wrote.The company said on July 27 that net
    income was 1.29 billion yen ($11 million) in the three months ended
    June 30, compared with a loss of 5.68 billion yen a year earlier. Sales
    fell 1.1 percent to 318.6 billion yen as a weaker yen pushed up
    profit.Seiko Epson forecast net income will reach 30 billion yen this
    fiscal year, compared with a loss of 7.1 billion yen a year earlier.
    Sales may fall 1.6 percent to 1.39 trillion yen, while operating
    profit, or sales minus the cost of goods sold and administrative
    expenses, will probably increase 21 percent to 61 billion yen.