Sony Rises on 'Pure Speculation' of Apple Interest
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Shares of Japanese electronics manufacturer Sony (SNE
) rose as much as 3% on Tuesday in Japan on rumors it could be a potential acquisition target of Apple (AAPL
reported. But the media reports that the traders cited were apparently just musings by columnist Eric Savitz
Last week, when Apple CEO Steve Jobs was asked what his company plans to do with its $51 billion in cash
, he said "We strongly believe that one or more very strategic opportunities may come along, that we can take, that we're in a unique position to take advantage of because of our strong cash position."
Following Jobs's remarks, Savitz suggested in his Saturday column
that Apple could be contemplating a big acquisition and noted speculation that Adobe (ADBE
), Sony and Disney (DIS
) could be potential targets. "But," Savitz wrote today, "that was pure speculation. Yeesh."
A Sony spokeswoman told Reuters the company cannot comment on speculation. And Reuters further says some analysts are skeptical about such a move.