Market Report: Sony Shake-up

ANCHOR:
Sony's shares dipped slightly today, despite a regional slide, after a
corporate shake-up that saw CEO Howard Stringer take control as president.

The move, announced late Friday, has President Ryoji Chubachi becoming vice chairman and Stringer taking on his position.

Nikko Citigroup Monday raised its rating on Sony to "buy/high
risk", citing expectations of speedier restructuring.

The shift consolidates Stringer's control of Sony. Sony plans to cut 16,000 jobs and over $3 billion in costs, and analysts say a foreign CEO may be better placed to force such measures through.

The Nikkei inex saw more of a drop than Sony. The Nikkei tumbled on continued financial sector concerns.

Regional banks like Mitsubishi UFJ suffered over news that the U.S.
planned to boost its Citigroup stake and pour another $30 billion into AIG.

Australian stocks fell to their lowest since December 2003, driven down after Moody's announced the outlook on top Australian banks was negative. This included the banks Westpac, ANZ and Commonwealth.

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