Sony shares drop 4 pct after new business plans
TOKYO (Reuters) - Shares in Sony Corp (6758.T) opened down 4 percent on Friday after the company unveiled new business plans that include an aggressive expansion in emerging markets and the launch of a video distribution service.
"Sony's shares are not being sold because investors thought the mid-term business plans were negative. The plans are not bad," said Soichiro Monji, chief strategist in the equity management department at Daiwa SB Investments.
"Rather, the U.S. economic outlook and a stronger yen are hurting the electronics sector today, and Sony is among them."
Shares in Sony were down 3.6 percent at 4,880 yen as of 0036 GMT, while the Nikkei average .N225 lost 2.2 percent.
The electronics machinery subindex .IELEC.T was down 2.5 percent.
The Japanese maker of PlayStation game machines, Bravia flat TVs and Cyber-shot digital cameras said on Thursday it aimed to lift its return on equity to 10 percent from an average of about 6 percent over the past three years.
It will also target a 5 percent operating profit margin that eluded it in a previous plan.
(Reporting by Aiko Hayashi; Editing by Michael Watson)
