|By PR Newswire||
|January 22, 2013 08:01 AM EST|
LONDON, January 22, 2013 /PRNewswire/ --
Latest economic data from the world's two biggest economies, U.S. and China, has been encouraging. This augurs well for the electronic equipment industry. Thus, our research team at StockCall initiated technical analysis on Sony Corp. (NYSE: SNE) and Panasonic Corp. (NYSE: PC). These free reports are available at
Improvements in the U.S. and Chinese Economy
On Thursday, data released in the U.S. showed that jobless claims fell unexpectedly last week to a five-year low, signaling an improvement in the labor market. Meanwhile, data released from the Commerce Department showed that housing starts jumped 12.1% to an annual rate of 954,000 in the month of December.
Earlier today, China reported that its economy grew 7.9% in the fourth quarter of 2012, a sign of improvement. Growth in the world's fastest growing major economy picked up for the first time in two years.
Effect on Sony and Panasonic
All these developments are positive for the electronic equipment industry. No surprise then that shares of Japanese electronic equipment companies Sony Corporation and Panasonic Corporation rose sharply in trading in Tokyo overnight. Find the free report on Panasonic on the members' area upon sign-up at
Both Sony and Panasonic are also expected to benefit from a weaker yen. The yen has been weakening in the last few days amid increasing speculation that the Bank of Japan will implement further monetary easing measures to boost growth in the world's third largest economy. A weaker yen will boost Japanese exports and this is a positive for Sony and Panasonic.
Sony's Recent Struggles
Sony Corp. [Free Report on SNE](1) has been struggling in recent years. For the fiscal year ended March 2012, the company had posted a record loss of 457 billion yen ($5.1 billion). However, Kazuo Hirai, Sony's CEO, is confident that the company is headed in the right direction. Speaking to reporters, Hirai noted that the company is more nimble now and focused under his leadership. Hirai took charge of the struggling company nine months ago. The CEO said that the company had been bogged down by its extensive bureaucracy. He said that he is making a point of personal involvement in product development to make sure good ideas do not get smothered.
The company's U.S. unit, meanwhile, announced that it reached an agreement to sell its 37-storey New York headquarters to a group of investors led by the Chetrit Group for $1.1 billion. The sale is expected to generate net cash proceeds of approximately $770 million. The sale is part of Sony's restructuring plans. The company is looking to sell assets and reduce workforce as it seeks to reverse four straight years of losses.
Investors are now focused on Sony's quarterly results, which will be released on February 7, 2013.
Signs of Slow Improvement
Sony and Panasonic have been struggling due to increasing competition from electronic equipment companies across China, South Korea and Taiwan. In November last year, it was reported that Panasonic was planning to cut more jobs in 2013 as part of its restructuring, aimed at cost savings and restoring its softening sales.
The weakening global economy has also had a negative impact on the companies. However, the companies have been taking measures to return to profitability. A weaker yen and an improving global economy should further help the two companies.
- Sony Corp. Technical Analysis [ http://www.StockCall.com/SonyCorp012213.pdf ]
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