UPDATE 3-Sony stock jumps after first-ever share buyback announcement [Reuters]
SONY CORP (SNE)
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Source: Reuters
Sony stock perks up after first-ever share buyback announcement | Reuters 3 Min Read TOKYO (Reuters) - Sony Corp announced its first-ever share buyback on Friday, worth 100 billion yen ($910 million), helping its stock recover somewhat from the hammering it received earlier in the week when the technology firm reported lacklustre earnings. The announcement marked Japan’s second major buyback this week after technology investor SoftBank Group Corp said it would repurchase 600 billion yen worth of stock on Wednesday, sending its share price soaring. Both stocks had been under pressure prior to the announcements reflecting investor unease over the outlook for the global technology industry amid falling demand in China. Sony said its buyback, its first-ever aimed at boosting shareholder returns, will be equivalent to 2.36 percent of its outstanding shares and will be conducted through March 22. “Our financial health has improved enough to conduct the repurchases,” a Sony spokesman said, a
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