Nikkei: TOKYO (Nikkei)--Sony Corp. (6758) on Friday saw its market capitalization dip to 1.99 trillion yen, slipping below 2 trillion yen for the first time in roughly 27 months.
During Friday's afternoon session, Sony shares at one point skidded to a year-to-date low of 1,985 yen, down 16 yen from the previous day's close. They finished out the week at 1,990 yen.
Recent hacking attacks on Sony Web sites added to the negatives dogging the electronics giant, including its struggling television business, the yen's strength against the euro and uncertainty surrounding overseas economies.
Sony's stock has been declining steadily since early April. "Long-term investors are giving up on Sony and selling off (its shares)," according to a trader at a foreign-affiliated brokerage.
The company's market value last plunged below the 2 trillion level in the wake of the 2008 Lehman Brothers collapse. Some observers contend that Sony's current predicament is more serious than previous rough patches. "In the past, inspiring product after inspiring product came out of Sony, but it rarely happens now," says Kazutaka Oshima, president of Rakuten Investment Management Inc.
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