Sharp Drops After Saying Material Doubt on Survival
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Sharp Corp., the world’s worst-performing major stock, fell in Tokyo after forecasting a record $5.6 billion loss and saying there is “material doubt” about its ability to survive. The company’s credit was downgraded to junk by Fitch Ratings.
The shares dropped 2.4 percent to 165 yen, extending this year’s decline to 75 percent, the worst performer among more than 1,600 companies in the MSCI World Index of developed nations. Fitch downgraded Sharp six levels to B- today, citing growing liquidity risks.