Japan Stocks Slide Back, But Nissan Rallies On Results

Japanese blue-chip stocks deflated mildly in early Tuesday trade, with the Nikkei Average down 0.3%, failing to catch a lift from the broader Topix, which was 0.1% higher. A mildly firmer yen (dollar at �118.64, vs. �118.83 at previous Tokyo close) and overnight losses on Wall Street all helped drag on the larger Tokyo names. Among some of the top companies, Panasonic Corp. and Softbank Corp. each saw their shares lose 0.4%, while Hitachi Ltd. fell 0.7%, and Fast Retailing Co. retreated 1.1%, but on the upside, Sony Corp. rose 0.3%, Toshiba Corp. improved by 0.7%, and Toyota Motor Corp. inched up 0.1%. Shares of Nissan Motor Co. jumped 3.6% after Japan's No. 2 auto maker posted a more-than-20% profit gain and revised its full-year earnings outlook higher. The market largely yawned at news Daniel Loeb's Third Point had invested in Fanuc Corp. , its stock flat in early moves. And shares of Inpex Corp. rebounded 2.1% higher after a sharp pullback Monday on its earnings miss, as oil prices improved, also helping send Japan Petroleum Exploration Co. up 1.1%.