Sony Shares Decline Sharply Monday After Japan Earthquake
Japan’s Nikkei stock index posted its largest drops since 2008 as investors mull the effects of last week’s earthquake and tsunami.
NEW YORK – Sony Corp.’s stock dropped sharply in U.S. stock market trading on Monday as investors mulled the fallout from last week’s earthquake and tsunami in Japan.
Sony’s American depositary shares - the dollar-denominated equity shares of foreign-based company listed in the U.S. - fell 7.1 percent at $31.08 after going as low as $30.75. Sony’s stock dropped more than 9 percent in trading in Japan on Monday as well.
Japan’s Nikkei index fell more than six percent, its biggest drop since 2008. Other manufacturing-focused Japanese companies also recorded stock declines. CNBC mentioned an estimate that the damage in Japan will cost the country $3.4 billion a day. Wall Street reports on Monday also mentioned the temporary production stoppages at Sony factories in Japan, as reported by The Hollywood Reporter on Friday.
The U.S. shares of Sony have traded between $25.85 and $40.45 over the past year.
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