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Technology Stocks : Softbank Group Corp -- Ignore unavailable to you. Want to Upgrade?

To: badon518 who wrote (4691)	3/31/2000 12:33:00 AM
From: debra vogt	Read Replies (1) \| Respond to of 6020

Thursday March 30, 11:59 pm Eastern Time UPDATE 1-Hikari Tsushin unnerves market with loss forecast TOKYO, March 31 (Reuters) - Japanese Internet stocks slid on Friday after Japan's biggest cellular phone distributor Hikari Tsushin Inc said its Web-related investments would cause a loss for the six months to February 2000. Hikari Tsushin said it expects a 13 billion yen ($123 million) operating loss for half year to February 29, its first operating loss since going public in 1996 and compared to an earlier forecast by the company for a six billion yen profit. The news triggered a sharp slide in the shares of other Japanese Internet-related companies. Internet Investor Softbank Corp fell by its daily limit of 5,000 yen or 5.18 percent to 91,500 yen and Internet portal Yahoo Japan Corp also slid by its daily limit of seven million yen or 10.1 percent to 62.3 million. Hikari Tsushin remained ask-only at 73,800 yen, down by its daily limit of 5,000 yen from Thursday closing of 78,800 yen. PROFIT SEEN FOR FULL YEAR A company spokeswoman said Hikari Tsushin's weaker outlook stemmed partly from a heavy initial investment in Internet service providers. She added that the weak performance also reflected lower-than-expected incentive commissions from telecommunications carriers as a result of missing the mark amid consumers' fast-changing tastes for cellular phone designs. For the full business year to August 31, however, the company expects an eight billion yen operating profit. Hikari Tsushin, a high-profile Internet investor, said on Thursday that the sale of part of its shareholdings would generate a 23.9 billion yen profit in the half-year period. ($1=105.64 Yen)