Friday January 23, 04:33 AM
Japan Hot Stocks-NTT Data, Hitachi Maxell, Oil, Nippon Steel
TOKYO, Jan 23 (Reuters) - The benchmark Nikkei (news) average fell 2.5 percent and the broader TOPIX was down 1.9 percent as of 0408 GMT.
The following stocks were on the move:
**NTT DATA CORP SLUMPS AFTER BROKERAGE DOWNGRADE**
NTT Data (Xetra: 895009 - news) plunged 7.2 percent to 276,500 yen after Goldman Sachs (NYSE: GS - news) downgraded the stock to 'sell' from 'neutral' saying it expects a decline in the valuation premium amid earnings concerns.
The brokerage lowered its target price on the stock to 260,000 yen from 355,000 yen.
'We see earnings being depressed by worsening profits and cash flow in the finance, retailing and manufacturing sectors,' Goldman analyst Ikuo Matsuhashi wrote in a note to clients.
'We also expect a contraction in the valuation premium, which has rested on the scarcity value of a listed IT services major.'
0410 GMT
**HITACHI MAXELL FALLS AFTER OUTLOOK CUT**
Hitachi Maxell (Berlin: HMX.BE - news) tumbled 11.4 percent to 780 yen after saying it expected its annual net loss to widen 30-fold to 24.7 billion yen as restructuring and tax credit costs erode its bottom line.
The maker of magnetic tapes for PCs also changed its forecast for an operating profit of 3.5 billion yen in the year to March to a loss of 3.3 billion yen, as a soaring yen and price falls hurt sales.
0200 GMT
**OIL-LINKED SHARES DOWN AFTER OIL FUTURES FALL MORE THAN $1**
Oil and gas field developer Inpex and other oil-linked shares fell after U.S. oil futures fell by more than one dollar a barrel on a build-up in U.S. oil stocks and the bearish economy.
Inpex lost 3.3 percent to 666,000 yen and major distributor Showa Shell Sekiyu lost 3.5 percent to 777 yen. Nippon Oil (Berlin: NIO.BE - news) fell 2.6 percent to 374 yen.
**NIPPON STEEL DOWN AFTER OUTPUT CUT REPORT**
Shares in Nippon Steel Corp (Berlin: NPS.BE - news) , the world's second-biggest steelmaker, fell 3.9 percent to 268 yen after a newspaper report that it will step up output cuts for the October-March period to about 5 million tonnes -- more than double its previous plan -- as demand crumbles.
Rival JFE Steel Co, the core unit of JFE Holdings Inc (Frankfurt: 724564 - news) , has already announced output cuts. JFE Holdings tumbled 6.4 percent.
0108 GMT
**REITS UP AFTER BOJ SAYS WILL ACCEPT REIT DEBT**
Kenedix Realty Investment Corp and other real estate investment trusts (REITs) rose after the Bank of Japan said on Thursday it will accept bonds issued by REITs as collateral for its market operations.
The BOJ will start accepting them as collateral by the end of February, a move it said was aimed at facilitating its money market operations.
Kenedix Realty Investment jumped 4.9 percent to 256,700 yen, while Premier Investment Corp edged up 0.33 percent to 274,900 yen and Top REIT Inc climbed 1.2 percent to 352,000 yen.
0048 GMT
**CHIP GEAR MAKERS SLIDE AFTER DECEMBER ORDERS PLUNGE**
Tokyo Electron Ltd (Stuttgart: 865510 - news) and other semiconductor gear makers fell after orders for Japanese equipment used to make semiconductors tumbled 83 percent in December from the same month a year earlier as chip makers kept spending at a bare minimum.
The calculation was based on industry data that came out on Thursday.
Tokyo Electron fell 4.8 percent to 3,190 yen, while Advantest Corp (Berlin: VAN.BE - news) lost 3.2 percent to 1,179 yen and Disco Corp fell 4.9 percent to 1,995 yen.
Nikon Corp (Berlin: NKN.BE - news) fell 4.7 percent to 960 yen.
0023 GMT
**SONY CORP TUMBLES AFTER LOSS WARNING**
Sony (Munich: 853687 - news) tumbled 5.9 percent to 1,825 yen after it warned it would post a record $2.9 billion annual loss on sliding demand and a stronger yen.
U.S. traded shares of Sony slumped more than 10 percent.
0015 GMT
(For IPO news, data and diary, click, for stocks click)
(Reporting by Elaine Lies;)
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