Toshiba Stock Dives After Forecasts Nixed, Dividend Canceled

Shares of Toshiba Corp. flopped limit-down in initial Monday trade in Tokyo, quoted down almost 17% early in the afternoon session as investors reacted to the tech major withdrawing its earnings forecasts and omitting its dividend. Toshiba had said late Friday it was canceling its guidance for the fiscal year ended in March due to accounting issues involving the failure to include costs of various projects. As a result, Toshiba said, the company wouldn't be able to report its full-year results this month as expected, adding that it would also not be paying a dividend for the second half of the 2014-15 year. Toshiba had previously forecast a �120 billion net profit on revenue of �6.7 trillion revenue ($1 billion profit on $56 billion in revenue) for the fiscal year, according to The Wall Street Journal.