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Two Ways To Play: Sony Sings the Blues

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Strengthen your portfolio in good times and bad.

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Sony Slashes 8,000 Jobs

Topping headlines this morning, Japanese electronics maker Sony (SNE) said it will cut 8000 jobs, or 4% of its total workforce. According to Reuters, the cuts are the deepest so far by an Asian firm and are designed to save the company about $1.1 billion a year. Sony also plans to scale back on electronic investment to the tune of 30% over the course of the next fiscal year.

Year to date, shares are down over 60%. The painful steps are being taken to offset weakened global demand and a stronger Japanese yen.

From the Bull Pen: Sony's downtrend might be showing signs of exhaustion. Those willing to attempt the upside can set a tight sell stop near $19.50. Qualcomm (QCOM) might be a safer option. Sell stops can be set below $32.

From the Bear Cave: Bears looking for a downside play can consider Hewlett-Packard (HPQ) on a rally back to $40. If and when.


Quick Check Around the World

Asian trading closed with the Hang Seng -1.94%, Nikkei 0.80%, Sensex 2.20%, Taiwan 1.23% and Shanghai -2.54%.

Glancing towards Europe, we see the CAC 0.80%, DAX 1.95%, FTSE 0.61%,

As of 8:25 a.m. EST, S&P futures are trading +0.8 to 905, and Nasdaq futures are -3 to 1209.


A Look At Commodities

Crude oil is trading +0.22 to 43.93. Gold is -1.300 to 766.10. Silver is -0.100 to 9.840, and copper is+12.30 to 147.80.

The dollar index is +0.793 to 86.353.


On the Radar

Economics

10:00 IBD/TIPP Economic Optimism
10:00 Pending Homes Sales

Click here for the full trading radar.

Good luck! Have a great day!

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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