Why Sony Stock Spiked Today
Shares of Sony Group (NYSE: SONY) rose on Tuesday. The company's stock was up 4% by the time the market closed. The move up comes as the S&P 500 jumped 2% and the Nasdaq Composite jumped 2.4%.Reuters reported that Sony will distribute 80% of newly created shares from the upcoming spin-off of its financial services arm. More details will be revealed in the company's Investor Day on Thursday.Sony took full control of Sony Financial Services several years ago, but after a change in Japanese Tax law, the company is spinning off the finance arm. The news that current Sony shareholders will receive 80% of the newly created shares helped boost its stock today. On Thursday, the company will reveal more details of its growth plan for the newly created company.Continue reading
Shares of Sony Group (NYSE: SONY) rose on Tuesday. The company's stock was up 4% by the time the market closed. The move up comes as the S&P 500 jumped 2% and the Nasdaq Composite jumped 2.4%.
Reuters reported that Sony will distribute 80% of newly created shares from the upcoming spin-off of its financial services arm. More details will be revealed in the company's Investor Day on Thursday.
Sony took full control of Sony Financial Services several years ago, but after a change in Japanese Tax law, the company is spinning off the finance arm. The news that current Sony shareholders will receive 80% of the newly created shares helped boost its stock today. On Thursday, the company will reveal more details of its growth plan for the newly created company.
