TOKYO, Feb 18 (Reuters) - Japanese stocks are seen moving in
a narrow range on Monday, with investors holding off ahead of
important U.S. economic data and a spotlight on electronics firm
Toshiba Corp (6502.T).
Toshiba is planning to abandon its HD DVD format for
high-definition DVDs, conceding defeat to the competing Blu-ray
technology backed by Sony Corp (6758.T), a company source said on
Saturday. [ID:nL16431844]
"The Tokyo market is likely to open slightly lower following
the fall of the Dow and Nasdaq last week, but trade will be
range-bound," said Hiroichi Nishi, general manager of equity
marketing at Nikko Cordial Securities.
Several closely watched U.S. economic indicators are due out
this week, including the homebuilder sentiment index on Tuesday.
The benchmark Nikkei average .N225 is seen ranging from
13,500-13,700. It closed at 13,622.56 on Friday, having gained
4.7 percent for the week.
In a sign of how the market may move, Nikkei futures traded
in Chicago 2NKc1 closed at 13,575 on Friday, 35 points below
their level in Osaka.
---------------------MARKET SNAPSHOT @ 2253 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1349.99 0.08% 1.130
USD/JPY JPY= 107.81 -0.02% -0.020
10-YR US TSY YLD US10YT=RR 3.7647 -- 0.000
SPOT GOLD XAU= 902.2 0.00% 0.000
US CRUDE CLc1 95.5 0.00% 0.040
DOW JONES .DJI 12348.21 -0.23% -28.77
-------------------------------------------------------------
> US STOCKS-Dow, Nasdaq slip on consumer spending worry [.N]
> US dollar sees worst week against euro this year [USD/]
> Bonds gain as weak data heightens recession worry [US/]
> Platinum hits record high $2,060 on panic buying [GOL/]
> Oil steady, US economic concerns weigh [O/R]
STOCKS TO WATCH
-- Toshiba Corp (6502.T), Sony Corp (6758.T)
Toshiba is planning to give up on its HD DVD format for
high-definition DVDs, conceding defeat to the competing Blu-ray
technology backed by Sony, a company source said on Saturday.
[ID:nT282866]
-- Rakuten Inc (4755.Q)
The online shopping mall operator on Friday posted a
bigger-than-expected 99.6 percent decline in full-year operating
profit on higher costs at its credit card business.
Rakuten, which does not provide full-year forecasts, reported
an operating profit of 118 million yen ($1.09 million) for the
year to December, after Rakuten KC lowered its rates and raised
reserves to cover the risk of unmet payments.
That compares with a consensus estimate of 5.3 billion yen by
five analysts.
Rakuten posted a net profit of 36.9 billion yen, up 13-fold
from the previous year, on the sale of its stake in China's top
online travel agent Ctrip.com (CTRP.O).
-- Aioi Insurance Co (8761.T)
Subprime-related losses at Japan's Aioi Insurance Co (8761.T)
are now expected to balloon to more than 80 billion yen in the
business year ending March 31, the Yomiuri newspaper reported on
Sunday. [ID:nT338705]
-- NEC Electronics Corp (6723.T)
Restructuring microchip maker NEC Electronics said on Friday
it may shed around 500 staff after announcing an early retirement
programme. [ID:nT299604]
-- Nippon Telegraph and Telephone Corp (NTT) (9432.T)
Japan's Communications Ministry plans to take administrative
action against NTT East Corp and NTT West Corp because it has
found the regional units and their subsidiaries are engaging in
practices that hinder market competition, the Nikkei business
daily reported on Saturday.
-- Nisshin Seifun Group Inc (2002.T), Nissin Food Products Co
(2897.T) and other flour millers and noodle makers
Japan will raise the average price of imported wheat by 30
percent to 69,120 yen per tonne from April, the farm ministry
said on Friday, passing on to users part of soaring import costs
due to record market prices. [ID:nT70520]
(Reporting by Taiga Uranaka, Editing by Michael Watson)
