Shares of Sony Corporation closed 5.9% down in Japan today, following financial service company Credit Suisse Group AG's downgrade of their stock rating from "neutral" to "underperform"
Sony stock closed at 1,825 yen on the Tokyo Stock Exchange today, the lowest point since December 8th - the day they cut 8,000 jobs. Credit Suisse analysts cite the company's slow reaction to the financial crisis as the reason behind the ratings downgrade.
"We believe fundamental changes to its business structure are necessary," Koya Tabata, a Tokyo-based analyst at Credit Suisse, wrote in a report released after the close of trading yesterday. "Compared to its peers both at home and overseas, Sony has been slow to react to the current crisis."
Along with the downgrade from Credit Suisse, Deutsche Bank AG reduced their Sony recommendation from "buy" to "hold". It's a rough position to be in, but if anyone can handle a bit of financial bumpiness it's Sony. Hit the link for depressing numbers I can only pretend to understand.