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Short Take: NEC to sell stock

NEC will sell about 60 billion yen ($521.7 million) of its equity investments in a move to cover a subsidiary's losses, according to a Bloomberg report. Wholly owned NEC Home Electronics, which manufactures and sells PC monitors, video games, and satellite TV tuners, incurred the losses. The planned stock sale caused NEC to raise its forecast for pretax profit to 120 billion yen, up four percent, for the year ending March 1997.

NEC will sell about 60 billion yen ($521.7 million) of its equity investments in a move to cover a subsidiary's losses, according to a Bloomberg report. Wholly owned NEC Home Electronics, which manufactures and sells PC monitors, video games, and satellite TV tuners, incurred the losses. The planned stock sale caused NEC to raise its forecast for pretax profit to 120 billion yen, up four percent, for the year ending March 1997.