Sony climbs to 2-week high after announcing TV spinoff plan
TOKYO (Reuters) - Shares in Sony Corp (6758.T) climbed as much as 4.6 percent to a two-week high of 1,699 yen on Friday morning after the Japanese firm said it is spinning off its loss-making TV division in the latest attempt to revive its fortunes.
The decision came as the consumer electronics maker announced on Thursday the sale of its Vaio personal computer division to an investment fund, Japan Industrial Partners.
Sony is struggling to compete against Apple Inc (AAPL.O) and Samsung Electronics Co (005930.KS), which dominate sales of consumer gadgets such as smartphones and tablet computers.
"We view the move to cut fixed costs through major restructuring positively," Goldman Sachs said in a note.
"The company has many segments with medium/long-term earnings growth potential (game, semiconductors, movies, music, finance) and there are now prospects for a degree of profit improvement in electronics," it said. "We feel there may now be some scope for the stock to rerate."
The stock was the second-most traded on the main board.
(Reporting by Dominic Lau; Editing by Edmund Klamann)
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