- Zacks
Sumitomo (SSUMY) is on the Move, Here's Why the Trend Could be Sustainable
Sumitomo (SSUMY) could be a great choice for investors looking to make a profit from fundamentally strong stocks that are currently on the move. It is one of the several stocks that made it through our "Recent Price Strength" screen.
- Reuters
Japan's Sumitomo Corp net profit down 32% on Madagascar one-off loss
TOKYO (Reuters) -Japanese trading house Sumitomo Corp reported net profit for the fiscal year ended in March fell 31.7% from a year earlier to 386.4 billion yen ($2.5 billion), missing estimates, as it took a one-time loss on four businesses. A LSEG poll of analysts had forecast Sumitomo's net profit for the fiscal year at 504.9 billion yen. Sumitomo booked a total of 150 billion yen one-off losses on four problematic operations, including the Ambatovy nickel project in Madagascar, which wiped off nearly a half, or 89 billion yen, from its bottom line.
- Reuters
Activist investor Elliott buys stake in Japan's Sumitomo, source says
U.S. hedge fund Elliott Management Corp has bought a stake in Sumitomo Corp worth several tens of billions of yen, a person familiar with the situation said on Tuesday. The purchase follows Warren Buffett's closely watched investment in the Japanese trading house. The person did not give an exact figure for the Sumitomo transaction and asked not to be identified because the purchase has not been publicly disclosed.
