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Nintendo climbs 7 percent after share buyback announcement


Shares in Nintendo Co Ltd climbed more than 7 percent to a one-week high of 13,850 yen in early trade on Thursday after the video games maker said it would buy back 125 billion yen ($1.22 billion)of its outstanding shares. While the market may react positively, we are more cautious, Goldman Sachs said in a note. The buyback will boost net profits per share by 8.2 percent, but reduce cash and marketable securities per share by 5.8 percent. Goldman Sachs maintained its sell rating on Nintendo. On Wednesday, Nintendo posted lackluster results for its traditionally strongest third quarter after disappointing sales for its flagship Wii U console forced it to slash its annual forecast earlier this month.

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