Sony Stock Takes Hit on Tokyo Exchange on Security Worries

May 6, 2011 -

It should come as no great surprise that Sony shares have taken a beating since the massive security breaches a few weeks ago. The prolonged downtime of the PlayStation Network is also weighing heavily on investor confidence. Sony shares dropped 3.7 percent on Friday following this week's announcement that Sony Online Entertainment has been hacked and the ongoing struggle to get PSN back online.

Tokyo's financial markets were closed for national holidays Tuesday to Thursday, but reacted negatively to news on Friday morning, according to a Reuters report.

Analysts are also voicing concern about Sony's current situation, and with rumors of a third attack this weekend it is a recipe for more declines in its stock price.

Citigroup Global Markets Japan analyst Kota Ezawa said in a research note that "there is a real concern that trust in Sony's business will decline. The network business itself still only makes a small direct contribution to earnings, but we see a potential drop in hardware sales as a concern."

Sony president Howard Stringer issued an open letter to the public apologizing for all the problems and promising to have better security going forward. Sony also announced a free 12 month indentify theft protection program for PSN users when the service relaunches.

Source: C&VG


Comments

Re: Sony Stock Takes Hit on Tokyo Exchange on Security ...

That Sony took such a small hit says volumes about the value investors see in their game devision.

Re: Sony Stock Takes Hit on Tokyo Exchange on Security ...

My thoughts exactly... That, or they have an incredible trust as a whole in SONY's ability to turn it around...

 
Forgot your password?
Username :
Password :

Poll

Will Target Australia sell the next GTA game upon its release?:

Shout box

You're not permitted to post shouts.
Andrew EisenEh, could be laziness, lack of imagination, bandwagon hopping or maybe Alexander's article inspired them to publish their own takes. Nothing wrong with that.07/31/2015 - 3:06pm
Goth_SkunkIf laziness was indeed the reason other sites produced articles of a similar vein, the laziness must reach levels that would make a cat blush. How lazy does one have to be unable to stop and think "maybe this isn't a good idea...'07/31/2015 - 3:04pm
Andrew EisenThe Mary Sue article title I'm a bit more comfortable being called clickbait as it's a deliberate misdirection but it's done for humor's sake so I personally give such things a pass.07/31/2015 - 3:01pm
Andrew EisenI count six similar titles and two of the authors aren't even journalists, let alone game journalists. It doesn't reek of collusion, it reeks of laziness, if anything. A few others saw Alexander's piece and wrote their own.07/31/2015 - 3:00pm
Goth_Skunkfeed. Additionally, I'm baffled by the irony of someone named 'Infophile' taking a Mary Sue article seriously. Ignoring that I won't give that site a second of my time, that article headline is blatant clickbait and should be ignored on principle.07/31/2015 - 2:58pm
Goth_SkunkI agree with Benohawk: The title of the article meant that the article was worth ignoring. Alas, when 9 additional sites pop up with similarly titled articles of their own, it reeks of collusion and an attempt by the press at large to bite the hands that07/31/2015 - 2:56pm
Andrew EisenAh, okay.07/31/2015 - 2:46pm
benohawkI'm saying that the refrence in the article to the old title would need to be changed well the primary point of the article would be kept the same. Not something that should be an issue if the objective wasn't to be provocative.07/31/2015 - 2:41pm
Andrew EisenYou're saying the article should be altered to fit a different title. I want to know what title you find more appropriate for the copy as is.07/31/2015 - 2:34pm
benohawkIt would take a minor rewrite to the article, but I'd call it 'What is a Gamer' but go for the same point. you don't have to sell to jerks07/31/2015 - 2:33pm
Andrew EisenI still say "clickbait" is thrown around way too casually, to the point where it's completely meaningless. That aside, what alternate title would you suggest?07/31/2015 - 2:22pm
benohawkt was still delibrate clickait, something I would expect from a Gawker outlet, the article would of likely been much better recieved with a nicer title07/31/2015 - 2:18pm
Andrew EisenProvocative title to be sure but I didn't find it inaccurate or not reflective of its text.07/31/2015 - 2:12pm
benohawkGamasutra shouldn't of gotten clicks for the article until they had published under an accurate name instead of some pathetic clickbaiting07/31/2015 - 2:09pm
benohawkThe title of the article meant that the article was worth ignoring, not launching a massive campaign to try and end the site it was on.07/31/2015 - 2:08pm
Andrew EisenI will Ouija him my unceasing indignation!07/31/2015 - 1:59pm
Infophile@AE: The fact that he's dead does a good job of ensuring he won't hear it.07/31/2015 - 1:59pm
InfophileGood to hear. Just wish everyone offended felt that way07/31/2015 - 1:58pm
Andrew EisenRoger Ebert will never hear the end of my disdain for his I Spit On Your Grave review! http://www.rogerebert.com/reviews/i-spit-on-your-grave-198007/31/2015 - 1:57pm
Big PermI don't support the email campaigns. I wouldn't support a comics venue getting them because of being offended, so it'd be hipocritical for me to do it to those who offend me07/31/2015 - 1:53pm
 

Be Heard - Contact Your Politician