Sony Stock Rebounds On Strength Of Network Update
It has been a tough 2011 for Japanese companies, but there's some good news for Sony.
After falling 4.5% on the heels of the PlayStation Network attack last week, Sony shares rebounded in early trade on Monday, rising 2%. Most attribute this rise to the recent news that some PSN services would be returning this week; that includes account management options, the Friends list, MediaGo, PlayStation Home, and other features. Sony came under early fire for not coming clean on the security breach early enough; this is similar to how the Tokyo Electric Power Co. handled the recent nuclear crisis after the March 11 earthquake. Many said they weren't up-front with the public in that situation, either.
Hopefully, Japan will have a much better second half of the year; they've had their fair share of bad luck. And yes, we're aware this attack happened at their San Diego branch. But Sony remains a Japanese company at heart.
5/1/2011 9:10:13 PM John Shepard