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Market Update : 
Panasonic Lowers Earnings, Tokyo Stocks Up
Author: Darlington Musarurwa
123jump.com
Last Update: 11:27 AM ET November 27 2008

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Panasonic Corporation today lowered fiscal year 2009 earnings to 30 billion yen from 310 billion yen estimated in April.

Net sales are projected to drop to 8.5 trillion yen from an earlier estimated 9.2 trillion yen, while consolidated operating profit is projected to fall to 340 billion yen from 560 billion.

Panasonic says it expects profit to be weak on a strong yen, sluggish consumer spending and price competition, including a write-down of investment securities.


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