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...

 
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Andrew EisenHey, remember Kung Fury? That short film that was funded via Kickstarter a few years ago? You can watch it now. I suggest you do. It's fun! https://www.youtube.com/watch?v=bS5P_LAqiVg05/28/2015 - 5:14pm
Goth_SkunkOriginally, yes. Some content was cut out in order to reduce its ratign from AO down to M, but PC users could work around that an unlock the full content by means of a patch. Which is what I did. :D05/28/2015 - 3:56pm
Andrew EisenKarp - Yes, for strong sexual content. Although the recent remaster contains all that content and was rated M.05/28/2015 - 3:54pm
Andrew EisenDepends on if you consider Hatred misrated. I haven't played the game or seen the ESRB's rating summary so I'm undecided.05/28/2015 - 3:53pm
WonderkarpDidnt Fahrenheit have an AO?05/28/2015 - 3:52pm
Matthew Wilson@AE that is why I said it seems more moral panic to me.05/28/2015 - 3:51pm
Andrew EisenMatthew - From what I've seen (just the trailers) the game is nowhere near as gory as many, many other games. But again, I'm guessing the AO rating comes from theme and tone rather than outright gore.05/28/2015 - 3:50pm
Andrew EisenKarp - It didn't show penetration or nudity.05/28/2015 - 3:50pm
WonderkarpI'd say Mortal Kombat X has more Gore and Violence than Hatred.05/28/2015 - 3:50pm
Matthew Wilsonwhat I mean by worse in this case its not more gory/violent than others.05/28/2015 - 3:48pm
WonderkarpI forget....did Hot Coffee actually show Penetration?05/28/2015 - 3:48pm
Andrew EisenKarp - The Skyrim mods are external mods. The Hot Coffee mod unlocked content on the disc. Big difference. Still, the content that was unlocked was still perfectly in line with an M rating in my opinion.05/28/2015 - 3:47pm
Andrew EisenThemes are factored into ratings, not just mechanics. Still waiting for ESRB's rating summary. Very curious to see what it has to say.05/28/2015 - 3:46pm
Matthew WilsonHatred is a top down shooter though, and isnt any worse than other top down shooters?05/28/2015 - 3:45pm
Wonderkarpyeah, San Andreases rerating was ridiculous. Why not rerate Skyrim with all its crazy sex mods out there? But yeah, ESRB is good as policing itself. 05/28/2015 - 3:45pm
Andrew EisenManhunt 2 and Hatred though? Eh, there's an argument to be made for the higher rating.05/28/2015 - 3:43pm
Andrew EisenRerating San Andreas was a mistake though. That seemed to be the result of kowtowing to public pressure.05/28/2015 - 3:42pm
Andrew EisenThere wasn't one. It's just a dumb rating.05/28/2015 - 3:42pm
WonderkarpI dont see Moral Panic with a racing game though05/28/2015 - 3:40pm
Matthew Wilson@AE when they tend to misrate games its normally because of moral panic surrounding it.05/28/2015 - 3:38pm
 

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