Hot and Soars Stocks: Sony Corporation (NYSE:SNE), American Apparel, Inc. (NYSEMKT:APP), Philip Morris International, Inc. (NYSE:PM)

April 25, 2023 4:49 pm2 commentsViews: 69

Sony Corporation (NYSE:SNE) reported that it ’s first share sale in 26 years is fueling speculation the firm might purchase full control of Sony Financial Holdings Inc., a move so as to could save taxes and assists the parent meet performance targets. The firm reported that it aims to lift around 440B yen ($3.6B) by selling common stock and convertible bonds. The declaration prompted a three-day 11 percent jump in the life insurance unit’s stock, while Sony said proceeds from the share sale will fund an increase in chip production. “The fundraising amount is just enough to get that last 40 percent of Sony Financial, which may become out of reach later,” said Masahiko Ishino, an analyst at Tokai Tokyo Securities. “The company’s priority is now semiconductors, but it’s not yet clear how they will choose to spend that money. Either way, it’s a positive for shareholders.” Sony Corporation (NYSE:SNE) stock price closed at $28.04 with the total traded volume of 695042 shares. Its price to sales ratio ended at 0.49. Its market capitalization is 32.77 Billion.

American Apparel, Inc. (NYSEMKT:APP) [Trend Analysis] released that its detailed a restructuring aims to close under-performing stores as well as it reduced workforce in order to curb operating costs. Though struggling teen-apparel retailer released a caution that the restructuring initiatives might not guarantee sufficient funding to meet its requirements. Shares of American Apparel plunged to currently trade at about 10 percent on the NYSE. The Los Angeles, California-based retailer said it plans to close under-performing retail stores to “drive productivity improvements” and also streamline workforce. The company expects to reduce operating costs by about $30 million over next 1-1/2 years. “We are committed to turning this company around. Today’s announcements are necessary steps to help American Apparel adapt to headwinds in the retail industry, preserve jobs for the overwhelming majority of our 10,000 employees, and return the business to long-term profitability,” said CEO Paula Schneider. American Apparel, Inc. (NYSEMKT:APP) begun last trade with a price of $0.499 and throughout the trading session climbed at a high of $0.499. The day-trade ended with -8.02% to $0.46.

Philip Morris International, Inc. (NYSE:PM) aims to sell more than $1B valued of shares in its Indonesian operation, according to the Wall Street Journal quoting people familiar with the matter. The released articulated that Philip Morris has tapped investment banks comprising Goldman Sachs Group Inc., Credit Suisse Group AG, J.P. Morgan and local firm Mandiri Sekuritas for the sale of shares in PT HM Sampoerna Tbk. The sale will allow Philip Morris to comply with a pending stock-exchange rule requiring all Indonesia-listed companies to have at least 7.5% of their shares in public hands. Philip Morris currently owns 98.2% of the unit. Philip Morris International, Inc. (NYSE:PM) has the market capitalization of 125.79 Billion. Shares of firm moved up 0.04% to close at $81.20 with the total traded volume of 2.53 Million. The firm has current ratio of 1.00 for the most recent quarter.


Leave a Reply

Show Buttons
Hide Buttons