Sony Takes Extra Security Measures in China

Sony has shut down its online Playstation Store in China

Deputy Editor
May 11, 2020 at 10:04 AM
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This morning, Sony Corp (NYSE:SNE) suspended its PlayStation Store in mainland China, in an attempt to improve the online store's security. As a result, Sony will temporary miss out on sales in the world's largest video game market. Although there was no specified reopening date, the shares of Sony stock are up 0.3%% to trade at $65.75.

During the broad market selloff in March, Sony stock fell to the round $50 level. Now up 31% from that peak, the shares on Friday toppled their 120-day moving average for the first time on a closing basis since March 4. SNE is still facing off with its year-to-date breakeven level though. 

Meanwhile, sentiment remains overwhelmingly positive. with all six of the analysts in coverage sport a "strong buy." Plus, short interest is down 23.4% in the last reporting period, and the 1.90 million shares accounts for a slim 0.2% of SNE's total available float.

Now does look like an affordable time to buy Sony shares though, per the security's Schaeffer's Volatility Index (SVI) of 33%, which sits in the low 19th percentile of all other readings from the past year. This implies that near-term option traders are pricing in relatively low volatility expectations.


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