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economy worsens
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<blockquote data-quote="HDRKID" data-source="post: 54964" data-attributes="member: 43"><p>Yesterday wan an interesting day for us. Sharp shares lost 28% of their value in one day even. Here is the sharp saga.</p><p> </p><p>TAKEN FROM <a href="http://money.msn.com/business-news/article.aspx?feed=OBR&date=20120803&id=15409826" target="_blank">Hopes dim for Sharp amid Japan's TV industry sunset: Thomson Reuters Business News - MSN Money</a></p><p> </p><p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">Investors were unconvinced and dumped the stock, which slid 28 percent on Friday to 192 yen, its lowest level in 36 years and cutting the company's market capitalization by more than $1 billion to $2.72 billion.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">SHARE COLLAPSE</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">Sharp, which got its start 100 years ago making mechanical ever-sharp pencils from which it derived its name, declined to comment on the share collapse.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">Adding to Sharp's woe and handicapping its ability to raise fresh funds, Moody's Investors Service on Friday cut the company's short-term debt rating from Prime-2 to Prime-3, the lowest investment grade.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">Moody's cited "concern that the company's operating performance and additional restructuring costs will continue to pressure its cash flow downwards, thereby increasing its dependence on external sources for liquidity".</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">Those external sources so far include Hon Hai, which in March agreed to buy into the ailing TV maker.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">S&P's decision to cut its rating came after the Japanese company on Thursday expanded its annual net loss forecast to 250 billion yen from 30 billion yen.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">The net loss of 138 billion yen in the three months ended June 30 has already taken a big chunk out of Sharp's capital. Its shareholders' equity ratio slumped to 18.7 percent from 23.9 percent at the end of March, falling below the 20 percent threshold generally considered to be healthy.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">"With Sharp's losses growing to this level, there's barely going to be any net capital left," said Makoto Kikuchi, CEO of Myojo Asset Management in Tokyo.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">WANING DEMAND</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">Like rivals Sony Corp and Panasonic Corp, Sharp has been hammered by waning global TV demand and aggressive overseas competitors led by Samsung Electronics that are grabbing a bigger slice of a shrinking pie. Sony's stock fell 7 percent on Friday to 897 yen, its lowest since 1980, while Panasonic was off 3.8 percent.</span></span></em></span></span></span></p> <p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><em><span style="color: #ffff99"><span style="font-size: 15px">Combined, the three Japanese TV makers this business year expect to sell around 10 million fewer TVs than they did the previous year.</span></span></em></span></span></span></p><p></p><p style="text-align: left"><span style="font-size: 12px"><span style="color: #333333"><span style="font-family: 'arial'"><span style="color: #ffffff"><span style="font-size: 12px">Why is this our case. Basically, there is no recovery. That is why they are selling 10 million fewer TV sets. Witness how unemployment is going up. That is the case in a recession. Politicians have sold you down the river. However, the cat is out of the bag now. People are starting to realize that things are going worse.</span></span></span></span></span></p></blockquote><p></p>
[QUOTE="HDRKID, post: 54964, member: 43"] Yesterday wan an interesting day for us. Sharp shares lost 28% of their value in one day even. Here is the sharp saga. TAKEN FROM [url="http://money.msn.com/business-news/article.aspx?feed=OBR&date=20120803&id=15409826"]Hopes dim for Sharp amid Japan's TV industry sunset: Thomson Reuters Business News - MSN Money[/url] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]Investors were unconvinced and dumped the stock, which slid 28 percent on Friday to 192 yen, its lowest level in 36 years and cutting the company's market capitalization by more than $1 billion to $2.72 billion.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]SHARE COLLAPSE[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]Sharp, which got its start 100 years ago making mechanical ever-sharp pencils from which it derived its name, declined to comment on the share collapse.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]Adding to Sharp's woe and handicapping its ability to raise fresh funds, Moody's Investors Service on Friday cut the company's short-term debt rating from Prime-2 to Prime-3, the lowest investment grade.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]Moody's cited "concern that the company's operating performance and additional restructuring costs will continue to pressure its cash flow downwards, thereby increasing its dependence on external sources for liquidity".[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]Those external sources so far include Hon Hai, which in March agreed to buy into the ailing TV maker.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]S&P's decision to cut its rating came after the Japanese company on Thursday expanded its annual net loss forecast to 250 billion yen from 30 billion yen.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]The net loss of 138 billion yen in the three months ended June 30 has already taken a big chunk out of Sharp's capital. Its shareholders' equity ratio slumped to 18.7 percent from 23.9 percent at the end of March, falling below the 20 percent threshold generally considered to be healthy.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]"With Sharp's losses growing to this level, there's barely going to be any net capital left," said Makoto Kikuchi, CEO of Myojo Asset Management in Tokyo.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]WANING DEMAND[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]Like rivals Sony Corp and Panasonic Corp, Sharp has been hammered by waning global TV demand and aggressive overseas competitors led by Samsung Electronics that are grabbing a bigger slice of a shrinking pie. Sony's stock fell 7 percent on Friday to 897 yen, its lowest since 1980, while Panasonic was off 3.8 percent.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][I][COLOR=#ffff99][SIZE=4]Combined, the three Japanese TV makers this business year expect to sell around 10 million fewer TVs than they did the previous year.[/SIZE][/COLOR][/I][/FONT][/COLOR][/SIZE][/LEFT] [LEFT][SIZE=12px][COLOR=#333333][FONT=arial][COLOR=#ffffff][SIZE=3]Why is this our case. Basically, there is no recovery. That is why they are selling 10 million fewer TV sets. Witness how unemployment is going up. That is the case in a recession. Politicians have sold you down the river. However, the cat is out of the bag now. People are starting to realize that things are going worse.[/SIZE][/COLOR][/FONT][/COLOR][/SIZE][/LEFT] [/QUOTE]
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