LOS ANGELES (MarketWatch) -- Japanese stocks rose in early Wednesday trading, with earnings from
Toyota Motor Corp. helping lift car makers. The
Nikkei Stock Average added 0.7% to trade at 8,975.71, while the broader Topix advanced 0.6%. Toyota posted a drop in quarterly profit late Tuesday but also raised its full-year earnings target, with the news sending the company's shares up 2.8% early Wednesday. Other auto majors followed, with Honda Motor Co. rising 2%, Mitsubishi Motors Corp. up 1.1%, and Mazda Motor Corp. climbing 3.7%. Elsewhere, Panasonic Corp. rose 2.2%, and Fujitsu Ltd. gained 4.2%, after a Nikkei business daily report that the two, along with Renesas Electronics Corp. , were in talks to merge their system-chip operations. Shares of Renesas zoomed 10.3%. A separate Nikkei report said Elpida Memory Inc. may offshore its low-end DRAM chip production to Taiwan, sending Elpida stocks up 8.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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