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Sony Stock Rebounds

| 16 Oct 2006 11:38

On Friday, Sony's stock recorded a one-day 3.7% gain, quickly recovering the 3.6% drop the company had experienced over the previous month.

The company's stock which had been in free-fall following concerns over Playstation 3 hardware performance at the Tokyo Game Show, downgrading by major analysts, and concerns over the company's preparedness for a November launch, recovered following a few positive announcements and an upgrade by Morgan Stanley.

Sony's stock suffered a single-day drop of nearly three percent earlier this month, adding fuel to the fire that Sony was in serious trouble as it approached the launch of the PS3. Since then, however, the news for Sony has been decidedly more positive with strong indications that there is sizable anticipation for the new console, and the announcement of a deal with Xfire to create an online middleware solution.

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