Stock market sinks amid fears over emerging markets
Some prominent names didnt make the cut, including Panasonic ( 6752:JP ), which is restructuring to improve profits after record losses; Olympus ( 7733:JP ), an endoscope and camera maker rocked by accounting fraud in 2011; and Tokyo Electric Power ( 9501:JP ), the utility at the center of the 2011 Fukushima nuclear accident. Being chosen for the JPX-Nikkei 400 will be like getting a http://www.youtube.com/watch?v=fDUL_RYzQk4 certificate from the government, says Kiyoshi Yamanaka, executive officer of T&D Asset Management. In the long term, ROE should improve as companies who were not chosen for the index, and who care about how investors see them, try to get onto the measure. Abe has been trying to shake Japan out of its economic torpor. A policy paper released by his Liberal Democratic Party in November 2012 proposed using a new stock index to influence the priorities of companies and public investment funds. Atsushi Saito, the CEO of Japan Exchange Group ( 8697:JP ), says the Tokyo exchange owner and Nikkei, its partner in publishing the index, came up with the idea themselves.
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Walmart, another Dow component, fell 1.0 percent after warning that earnings for the upcoming quarter would be slightly below prior forecasts due to cuts in the US food stamp program and bad weather that kept US shoppers at home. Google jumped 3.8 percent after reporting that revenues on click ads rose by nearly a third. Google also announced a new dividend payment. Earnings at MasterCard were 57 cents per share, three cents below expectations, sending its shares down 5.4 percent.
/quotes/zigman/395806/delayed /quotes/nls/cmg CMG : up 2.2%, down 7.1% YTD. McKesson Corp. /quotes/zigman/247413/delayed /quotes/nls/mck MCK : up 1.9%, up 9.4% YTD. Riverbed Technology Inc. /quotes/zigman/100646/delayed /quotes/nls/rvbd RVBD : up 1.5%, up 9.4% YTD. 12:43 pm Scott Wren: expect more volatility in the near term by Anora Mahmudova Add a Comment Scott Wren, senior equity strategist at Wells Fargo Advisors says the pullback is not over just yet.
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Still, he says that many are more inclined to snap up stocks now at lower prices, than to bail out. That country’s main index, the Kospi, is down 3 percent since the start of year. In Japan, the Nikkei is off 8.5 percent, after soaring 58 percent last year. The Hang Seng in Hong Kong has fallen nearly 6 percent, after a 3 percent gain.