Panasonic Plunges by Daily Limit on Loss Forecast: Tokyo Mover
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Panasonic Corp., Japan’s second-biggest TV maker, plunged by the daily limit in Tokyo trading after forecasting a loss 30 times bigger than analyst estimates because of restructuring costs and falling demand.
The maker of consumer electronics, solar panels and home appliances dropped 19 percent to 414 yen as of 9:33 a.m., headed for the lowest close since February 1975. Sony Corp., set to report earnings today, fell 4.6 percent in Tokyo.