Sony Corp (ADR) (SNE) Stock Down Amid Announcement of Discounted Playstation Now Pricing

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Sony Corp (ADR) (NYSE:SNE) today announced that they would be reducing the price of their Playstation Now service for those customers willing to pay one year at a time. The limited time pricing will make the service available to those who own the Playstation 3, Playstation 4, Playstation TV, or some Samsung/Sony TVs. That new price is set at $99.99 per year.

Sony Corp’s (ADR) (NYSE:SNE) previous plans made the service available for $19.99/month ($239.88 per year or $44.99 for 3-months ($179.96 per year), so this discount could entice many to join the service, or give the gift of Playstation Now for the holidays.

Amid this news, shares of Sony Corp (ADR) (NYSE:SNE) have traded down a bit in mid morning trading. The stock is down 0.63% or $0.16 following the news, hitting $25.23 per share. Approximately 120,091 shares traded hands. SNE shares have declined 18.49% since May 4, 2015 and are currently downtrending. It has underperformed the S&P500 by 17.41%.

From a total of 2 analysts covering Sony Corp (NYSE:SNE) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. Sony Corp was the topic of 3 analyst reports since August 16, 2015 according to the firm StockzIntelligence Inc. Nomura maintained shares on September 4 with a “Buy” rating. JP Morgan maintained SNE stock in a recent report from August 16 with a “Overweight” rating.

Sony Corporation is engaged in the development, design, manufacture, and sale of various kinds of electronic equipment, instruments, and devices for consumer, professional and industrial markets, as well as game consoles and software. The company has a market cap of $31.50 billion. The Company’s divisions include Mobile Communications, Game & Network Services, Imaging Products & Solutions, Home Entertainment & Sound, Devices, Pictures, Music, Financial Services and All Other. It currently has negative earnings. The Company’s manufacturing facilities are located in Asia, including Japan.

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