Sony eyes Vita push, feels Fitch heat

TOKYO (Reuters) - Sony Corp, set to report a $1 billion loss this year, is banking on a big slate of new software to drive sales of its new PlayStation Vita handheld games device, even as Fitch downgraded the Japanese electronics giant to a notch above junk.

Welshman Andrew House, who took the top job at Sony Computer Entertainment in September, must plot a much-needed success story for the Vita, negotiating a minefield of consumer gloom and competition from smartphones and tablet PCs such as Apple Inc's iPhone and iPad.

Sony, which has forecast a fourth straight annual loss this year, launches the Vita in Japan this weekend.

It hopes a package of 24 software titles at launch will help the gadget avoid the fate of rival Nintendo's 3DS, which flopped shortly after launch, forcing a hefty price cut.

"It's unprecedented for us to achieve that degree of publisher and development support ... we adopted a different approach to the lead-up to the platform in terms of our relationships with publishers and developers," House told reporters at Sony's Tokyo head office on Thursday.

He said he hoped the Vita would outsell its predecessor, the PlayStation Portable (PSP), which has

Better manufacturing, jobs news sends stocks up

NEW YORK (AP) — Stronger reports on the job market and manufacturing sent stock indexes higher in afternoon trading Thursday. FedEx jumped 8 percent after reporting a surge in earnings.
The Dow Jones industrial average rose 72 points, or 0.6 percent, to 11,896 at 3:15 p.m. Eastern. The Dow lost 360 points over the past three days on worries that Europe's latest plan to keep its currency union intact would fail.
Jack Ablin, chief investment officer at Harris Bank, said the upturn reflects a shift in investors' attention back to recent signs of strength in the U.S. economy.
"We're not completely insulated (from Europe), but trouble there doesn't necessary spell problems for us," Ablin said.
The number of people applying for unemployment benefits dropped last week to 366,000, the lowest level since May 2008. That's a sign that layoffs are easing, a first step toward bringing down the

Coca-Cola Enterprises sees '11 EPS at top of range

ATLANTA (AP) — Coca-Cola Enterprises Inc., which bottles and sells Coca-Cola drinks in Europe, said that its full-year earnings will likely come in at the higher end of its prior forecast.
Coca-Cola Enterprises previously predicted earnings between $2.14 and $2.18 per share, which includes a 15 cent per share foreign exchange benefit.
Analysts expect full-year earnings of $2.16 per share, according to a FactSet survey.
The company also anticipates a mid-single-digit percentage increase in revenue compared to "pro forma" revenue in 2010. Coca-Cola Enterprises posted revenue of $6.71 billion in 2010. But "pro forma" revenue came to $7.4 billion. That figure reflects which Coca-Cola Enterprises' sale of its North American operations to Coca-Cola Co. and its acquisition of other assets.
Coca-Cola Enterprises predicts its 2011 gross margins will probably decline modestly but that operating margins will be

RIMM Co-CEOs Cut Pay To $1 Each A Year; No BB 10 Phones 'Till Late 2012

Research in Motion Co-CEO Jim Balsillie this afternoon told investors on a post-earnings report conference call that he and co-chief Mike Lazaridis will reduce their cash compensation to $1 a year as part of its program to fix what ails the company.
He says management is open to reviewing what's best for the company and the shareholders.
On the other hand, I would note that what the Street might have preferred is to have the dynamic duo step down in favor of fresh management.
Balsillie said the company plans to ramp up advertising and promotional activity in the U.S. and some other key markets.
The company this afternoon reported FY Q3 results in line with its previous warning, but also