Stock Alert: Sony Touches New 52-week High

(RTTNews) - Shares of Japanese consumer electronics giant Sony Corp. (SNE) are rising more than 5 percent or $5.55 in Friday's morning trade at $116.43, after hitting a new 52-week high of $118.50 despite no company-specific news.

U.S. stocks are rising on Friday after a report by the Labor Department report showed a modest rebound in employment in the month of January. Upbeat corporate earnings results and news that Johnson & Johnson has applied for an emergency use authorization from the FDA for its single-dose coronavirus vaccine also lifted the markets.

Wednesday, Sony reported a 62 percent surge in net income for the third quarter to 371.89 billion yen from 229.54 billion yen in the year-ago period, while earnings per share grew to 297.35 yen from 182.89 yen last year. Sales and operating revenue increased 9 percent to 2.70 trillion yen from 2.46 trillion yen last year.

Sony also raised its full-year outlook for attributable net income to 1.09 trillion yen, from the previous outlook of 800 billion yen. Operating income is now projected to be 940 billion yen, up from the previous outlook of 700 billion yen, while sales and operating revenue is now expected to be 8.8 trillion yen, up from the previous forecast of 8.5 trillion yen.

Sony has traded in a range of $50.94 to $118.50 in the past 52 weeks.