- Title: JAPAN/FILE: Sony shares rise on speculation of Apple interest
- Date: 27th October 2010
- Summary: TOKYO, JAPAN (FILE) (REUTERS) PEOPLE WALKING OUT OF APPLE STORE IN POPULAR SHOPPING DISTRICT GINZA APPLE LOGO PEOPLE WALKING INTO STORE CUSTOMERS IN STORE PERSON USING IPHONE IPHONE DISPLAYED IN STORE IPAD APPLE STORE
- Embargoed: 11th November 2010 12:00
- Topics: Communications,Finance
- Reuters ID: LVACSP0CTJB4ESHU5ORKMY3Y5E5W
- Story Text: Shares of Sony Corp rose nearly 3 percent at one stage on Tuesday (October 26) as traders cited media reports speculating that the Japanese electronics maker could be a potential acquisition target of Apple Inc.
Helping to spark the speculation was a Saturday (October 23) report in Barron's that said cash-rich Apple could be contemplating a big acquisition and noted speculation about Adobe, Sony and Disney as potential targets.
A Sony spokeswoman on Tuesday said the company could not comment on rumours or speculation.
During an Oct. 18 conference call with investors and reporters following Apple's latest earnings announcement, CEO Steve Jobs was asked what the company would do with its 51 billion U.S. dollars in cash.
He said the company would keep the money for "one or more strategic opportunities in the future".
Sony shares closed up 0.7 percent at 2,742 yen after climbing as high as 2,804 yen. Trading volume was 17.61 million shares, the highest since July 30, the day after the company surprised the market with a quarterly profit and raised its full-year profit outlook.
The benchmark Nikkei average fell 0.3 percent.
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