Sony shares rise on HD-DVD death

By Patrick Garratt, Tuesday, 19 February 2008 20:49 GMT

According to this, Sony’s shares rose up to 5 percent on the NYSE this morning on the news that Toshiba has pulled out of the next gen movie disc race.

“We believe Blu-ray’s victory could drive market share gains for the PS3, as we believe consumers will now be more willing to pay up (versus 360) for the standard Blu-ray player,” said William Blair analyst Ralph Shackart.

Sony US shares rose to a session high of $47.07 in early trade on the NYSE before easing to $46.30, up $1.52, or 3.4 percent from the Friday close. On Monday, markets were closed due to the President’s Day holiday.

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    According to this, this morning’s HD-DVD cancellation is likely to push PS3 sales up 10 percent in the short-term and lay the way clear for a heavy increase in sales this holiday, as predicted by videogaming247. “Longer term, I think it’s a huge boon for Sony, as most retail clerks will be instructed to push […]

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