Market Currents

• Friday, November 6, 2009

• 14:32 PM Sanyo (SANYY.PK +1%) would love to be acquired (at the right price, rather than a discounted tender offer) by Panasonic (PC), to form a battery behemoth. So it's increasing investment in its solar and auto battery segments. A merger could shake up everything from renewable energy to smart grids, and spell disaster for new players such as A123 Systems (AONE -4.9%). 1 Comment

• Monday, August 3, 2009

• 08:25 AM Panasonic (PC): FQ1 loss of ¥52.98B ($600M) vs. a ¥73.03B profit in the same quarter last year. Revenue -26% to ¥1.6T on softer demand for electronics and higher employment costs. Its fiscal year net loss outlook is unchanged at ¥195B. Comment!

• Thursday, July 9, 2009

• 14:02 PM Panasonic (PC) wants a slice of the developing world, so it's working on the netbook-equivalent of a range of appliances. Scaled down and lacking many features, the offerings could include $50 TVs, $100 air conditioners and $200 washing machines. Comment!

• Wednesday, February 4, 2009

• 07:20 AM Panasonic (PC): FQ3 sales fell 20% to ¥1,880B, with domestic sales down 10% and overseas sales down 29%. Operating profit down 84% to ¥26.4B. Sees a full-year net loss of ¥380B ($4.3B) and sales off 15%. Slashes dividend by 33%. Will cut work force by 15,000. Shares were +1% in Tokyo before the announcement. (PR) Comment!
• 06:10 AM Panasonic (PC) warns it will post an annual loss of ¥380B ($4.2B), and will cut 15,000 jobs. "Sales fell in all our business segments in the third quarter. We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment." Comment!

• Monday, February 2, 2009

• 07:35 AM Sources say Panasonic (PC) is set to post a ¥350B ($3.9B) annual net loss, its first in six years. The electronics maker has been battling falling demand and rising costs, as well a strong yen cutting into overseas earnings. Comment!

• Tuesday, January 20, 2009

• 11:11 AM With TV sales slowing and prices dropping, industry giants start squeezing out smaller rivals. Industry execs expect only a handful of survivors, notably Sony (SNE), Samsung, Panasonic (PC), Sharp (SHCAY.PK), LG Electronics and Toshiba (TOSBF.PK). 1 Comment

• Friday, January 9, 2009

• 07:47 AM Panasonic (PC) cuts its investment in two new flat-screen TV plants by $1.5B and says it will exit unprofitable businesses. DisplaySearch estimates the LCD TV market will grow 17% in 2009 in unit terms, down from 29% in 2008; plasma TV growth will slow to just 5% from 24%. Comment!

• Wednesday, January 7, 2009

• 07:26 AM In Tokyo, yen weakness (trading at lows not seen since November vs. the dollar) is sparking investor appetite for export-heavy companies. Honda (HMC) +11%. Panasonic (PC) +8.7%. Sony (SNE) +8.7%. Nissan (NSANY) +9.7%. Toyota (TM) +4.9%. Comment!

• Tuesday, January 6, 2009

• 07:49 AM Sony (SNE) warns it may miss its LCD TV sales target of 16M units through March (down from an earlier 17M) on weak sales in U.S. and Europe. Rival Panasonic (PC) said in November it too would fall short. Shares of SNE were up 7.6% in Tokyo today before the warning. Comment!

• Sunday, December 28, 2008

• 03:10 AM Panasonic Electric Works, Panasonic's (PC) building materials unit, says it will close three plants in Japan and lay off 800 workers. 1 Comment

• Wednesday, December 17, 2008

• 12:41 PM Goldman (GS) and Panasonic (PC) come to terms on a Sanyo (SANYY.PK) sale. Comment!

• Thursday, December 4, 2008

• 07:55 AM Goldman Sachs (GS) rejects a sweetened bid from Panasonic (PC) on Sanyo (SANYY.PK) shares, and threatens to launch a counter bid. Panasonic's new offer of ¥130 ($1.39) per share is still 12% below Sanyo's current market price. Comment!

• Wednesday, November 26, 2008

• 07:38 AM Goldman Sachs (GS) breaks off talks to sell its stake in Sanyo (SANYY.PK) after Panasonic's (PC) offer price comes in too low. With $10B in cash and cash equivalents, Panasonic will likely come back with a better offer. Comment!

• Tuesday, November 25, 2008

• 08:01 AM Panasonic (PC) offers ¥120 ($1.25) per share in its Sanyo (SANYY.PK) takeover bid, reports the Nikkei newspaper. Major shareholder Goldman (GS) is said to be seeking ¥250 to ¥300/share. Panasonic says it has not yet decided on an offer price. Comment!

• Friday, November 7, 2008

• 04:25 AM "As a result of this merger Panasonic (PC) will become a huge firm, the Toyota of the electrical appliance world, and that’s good," one analyst says. Comment!