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Bond and PlayStation 3 can't save Sony

Despite a $40 million opening for "Casino Royale" and long lines for the PS3, Wall Street is still wary of Sony's stock.

It was a reasonably good weekend for Sony at the shopping malls and multiplexes...but Wall Street didn't see it that way.

Boxes of the company's new PlayStation 3 game consoles flew off the shelves.

And the Sony-produced "Casino Royale," the latest in the James Bond movie franchise, grossed $40.6 million at the box office in the U.S.

Yet shares of Sony (Charts) fell more than 1 percent in trading on the New York Stock Exchange Monday, extending its recent losing streak. Since Sony's stock hit a 52-week high in April, shares have slid nearly 25 percent.

Despite the stock's latest struggles, it's still been a fairly strong year and a half for Sir Howard Stringer, who took over as Sony's chief executive officer in June 2005.

Under Stringer, Sony's first non-Japanese CEO, Sony's stock has gained about 15 percent, largely due to hopes of higher profits fueled by cost-cutting.

But investors may be starting to lose some patience with Sony as the stock continues to slide in what has been a good market environment for other electronics makers and media companies.

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money.cnn.com
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willymcd3896d ago

i like sony, but also i don't like them. they make good stuff but so do many other companies, but other companies keep product pricing at consumer friendly levels. their tv's are nice probably some of the nicest, but they are a rip off, and not so much better that i would pay premium for them, and that is the same i feel with all of their electronics. Blue ray may be better technology speaking but i want HD DVD to win because it is a cheaper product that gets the same job done. Plus it will take much longer for blue ray players to drop in price to a consumer friendly price point then it will for HD dvd sense Hd Dvd is already at around half the cost.

bosko3896d ago

Wicked bond movie
but damn was it long
honestly though i think the stock will continue to slide a slow steady pace, especially when we see the expected shortages of ps3's this holiday season, whilst the wii and 360 sweep up the sales

Scrumptious3896d ago

the world realized that $ony failed to deliver what they hyped the past 2 years. It seems like gaming was an afterthought to shoveling poo-ray and cell chips into households.