Tuesday, November 27, 2007

PS3 Sales Boost Sony Share Prices

Expensive PS3 production, among other things, has made Sony the topic of some not-so-ideal financial reports of late, but things are finally looking up as the Tokyo-based company sees a sharp rise in share prices on Tuesday.

Sony's stock prices shot up 4.54 percent (250 yen) to close at 5,750 yen - said to be thanks to the recent boost in PS3 sales and a deal that saw the Dubai state fund invest up to $500 million in the company.

Koya Tabata, an analyst at Credit Suisse, spotted the obvious: "The news of brisk PS3 sales in North America apparently had an effect on Sony shares".

Conversely, Nintendo shares dropped by 800 Yen (1.28 percent) to 61,700, while Wii remains widely sold out in the major territories worldwide.

For those that don't understand, Sony's doing 'aight'.


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