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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

After Earnings, Shares of Nintendo, SoftBank, And Sharp in Japan Fall

Charlie Brooks

Feb 08, 2023 14:21

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On Wednesday, shares of Nintendo Co Ltd (TYO:7974), SoftBank Group Corp, and Sharp (OTC:SHCAY) Corp plummeted after the businesses shocked investors with poor earnings, highlighting the bleak demand forecast for global technology industries.


The maker of the Switch (NYSE:SWCH) video game console revealed decreased sales and earnings and lowered its full-year projection, causing shares of Nintendo to decline by 6%. It also lowered its sales projections for the Switch system. Nintendo's stock was poised for its largest one-day decline since November.


SoftBank's stock slumped 6.2% after it reported a quarterly loss, as its huge Vision Fund investment subsidiary posted its fourth consecutive quarterly loss. The worldwide investor in technology also provided a cautious forecast.


Sharp Corp fell 11.2%, putting it on course for its largest one-day decline in three and a half years.


The manufacturer of displays and telecommunications equipment, a subsidiary of Taiwan's Foxconn, announced a quarterly operational deficit and forecast a loss for the entire year.


The results of the three companies demonstrate how a decline in consumer demand caused by rising inflation and interest rates has impacted the tech industry.


Nintendo is experiencing a decline in Switch sales, while SoftBank has seen its enormous technology portfolio's valuation decline.


"The situation remains difficult," SoftBank's chief financial officer Yoshimitsu Goto said in a conference Tuesday following the release of the company's quarterly results, referring to the tech industry's broader challenges.


The falls in technology companies pushed the Nikkei 225 index marginally into negative territory.


On Smartkarma, analyst Mark Chadwick stated, "The Nintendo Switch is now six years old, and demand is currently exhausted."


"According to our hypothesis, the hardware cycle has reached its apex, and the share price will fall in parallel with the revenue decline."


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