Sony ups PS5 production

Article Excerpt

SONY CORP. ADRs $78 is still a hold. The Japanese conglomerate (New York symbol SNE; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.3 billion; Market cap: $101.4 billion; Price-to-sales ratio: 0.8; Divd. yield: 0.6%; TSINetwork Rating: Average; www.sony.net) is reportedly planning to produce up to 10 million units of its new PlayStation 5 video game console, which goes on sale this fall. That’s up from its earlier target of 6 million units. The increased production reflects stay-at-home orders due to COVID-19. They have helped to attract more new users to Sony’s online gaming platforms. However, the pandemic has forced the company’s movie division to put off the release of several films to 2021. As well, it’s possible that some of the big movie theatre chains will go bankrupt due to COVID-19, which is another risk factor. Sony is a hold. hold…

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