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Sony Plunges on News of PlayStation Bug

March 14, 2000|Bloomberg News

Sony Corp. shares plunged Monday after the company on Friday reported technical problems with its new PlayStation 2 video-game console.

The shares fell 2,000 yen to 24,300 yen in Tokyo, the largest decline allowed for shares in that price range, according to exchange rules. It was the eighth day of decline, a run that has cut Sony's market value by 25%.

Sony Computer Entertainment Inc. said some memory cards it sold with the new machine may be defective, hampering the machine's ability to play digital versatile disks, or DVDs.

In U.S. trading Sony's NYSE-listed shares fell $18.25 to $225.50, even though the company U.S. share sponsor, J.P. Morgan, said it will split the stock 2-for-1 on May 25 to holders of record March 30.

The stock's recent peak was $314.75. The shares traded as low as $89.25 over the last year.

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