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U.S. Morning Call: Sony sees record loss on tax hit

Tuesday, April 10, 2012 - 01:49

April 10 - Sony flagged a record $6.4 billion annual net loss, inflated by writing off deferred tax credits mainly in the U.S.

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Here's your morning coffee this Tuesday significantly more red -- for Sony that Japanese electronics giant says it will post an annual loss. A six point four. Billion dollars for the fiscal year and last month that's more than twice its estimate from February. Additional loss from write off the tax credits the United States. Sony did say it should return to profitability in the current fiscal year. Monday when children reports indicated the company planned to cut 101000 jobs as part of its turnaround strategy shares down about 8% in the premarket. That's Sony lots helping the word billion trend on Twitter in the US this morning. The other factor in -- Graham which FaceBook agreed to I for one billion dollars -- deal for a company with little no revenue raising a lot of eyebrows. Orders breaking -- concerned that FaceBook couldn't produce its own version of -- to grant. Also thinks the purchase that's a worrisome precedent where the social network may feel the need to I start ups every time. They encroach on its presumed strength. Ben Bernanke expressing concerns about the banking system and a speech at the Atlantic that he said -- need to have more capital on hand to ensure the financial system is stable. The Fed Chairman also sent financial stability policy must stand. An equal footing with monetary policy is a critical responsibilities central banks. Bernanke expressed concerns about the vulnerability of money market funds as well. Stocks to watch today include did it shares down nearly 5% premarket after the FDA says it will delayed making a decision on approving its diet drug for three months. I US listed shares of in -- the information technology consulting services firm's shares falling 2% in India and fears it will miss earnings estimates. Later this week. That's -- -- this Tuesday I'm Jen Rogers this is Reuters Insider.

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U.S. Morning Call: Sony sees record loss on tax hit

Tuesday, April 10, 2012 - 01:49