Panasonic sees biggest gain in 38 years due to various factorsPanasonic, Japan’s biggest television-maker after Sony, rose the most in more than 38 years in Tokyo trading yesterday after posting an unexpected profit because of a weaker yen, asset sales and job cuts.
The company surged by its daily limit of 100 yen, or 17 percent, the biggest gain since at least September 1974, to 692 yen in Tokyo. Net income was 61 billion yen ($658 million) in the three months ended Dec. 31, the company said Friday. Analysts expected a 17 billion yen loss, based on the average of three estimates compiled by Bloomberg. Bloomberg
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