Sony's Stock Taking a Beating Following PSN Hack

[vansau]

Sony's Stock Taking a Beating Following PSN Hack

Sony's not getting much love with the investors these days.

Sony's faced some unsurprisingly harsh public perception over the past few weeks, thanks to how the PlayStation Network and Home were both hacked and a lot of credit card information was compromised. As a result, it turns out that the company's stock hasn't been doing terribly well recently.

Investor confidence is naturally down; as a result, share prices dropped 3.7 percent this week after it was announced that Sony Online Entertainment had been hacked. Tokyo's stock market was closed on Tuesday and Thursday for national holidays this week, but reactions to the news on Friday wasn't good.

On top of this, analysts are apparently saying that Sony's in a pretty precarious position, thanks especially to rumors that a third attack on the company's networks is planned this weekend. According to Kota Ezawa, an analyst for Citigroup Global Markets Japan:

"There is a real concern that trust in Sony's business will decline. The network business itself still only makes a small direct contribution to earnings, but we see a potential drop in hardware sales as a concern."

Howard Stringer, Sony's president, <a href=http://www.washingtonpost.com/blogs/faster-forward/post/sony-ceo-stringer-apologizes-for-hacked-services-promises-id-theft-protection/2011/05/06/AFmAwu7F_blog.html>openly apologized to the public for the hacks. On top of that, Sony is working on providing its customers in <a href=http://www.escapistmagazine.com/news/view/109832-Help-Is-On-The-Way-For-European-PSN-Customers>North America and Europe with identity theft protection.

Source: CVG via <a href=http://www.gamepolitics.com/2011/05/06/sony-stock-takes-hit-tokyo-exchange-security-worries>GamePolitics

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[Phishfood]

Pope, catholic.
Bears, shit in woods.

Sony need to take stock of the situation.

 

[Tulks]

It'll soon be a great time to buy up some cheap shares in advance of their inevitable comeback.

 

[Xan Krieger]

Pope, catholic.
Bears, shit in woods.

Sony need to take stock of the situation.

I expected Hank to make a pun like that.

It'll soon be a great time to buy up some cheap shares in advance of their inevitable comeback.

Agreed, chance for some big money soon.

 

[rembrandtqeinstein]

Oh man I get to use this again:

[image src="http://i52.tinypic.com/9ao94g.jpg"]

 

[Onyx Oblivion]

Well...

But they'll shoot back up.

 

[TheLastSamurai14]

It'll soon be a great time to buy up some cheap shares in advance of their inevitable comeback.

Agreed. I'll be buying some shares on Monday for this simple reason.

 

[KefkaCultist]

Well, I'm never buying another Sony console again, the only time I've ever going to put my details in PSN again will be for 5 minutes so I can buy the new Black Ops Zombie map.

I don't blame anyone for despising Sony right now.

Why despise sony when 80% of the fault falls on skilled hackers? Hackers hack websites and other things constantly, but this time was a particularly nasty one that has hurt Sony a lot.

To me, saying that you despise sony for their misfortune is like saying you despise a person who got raped for not being strong enough to take it

 

[Elamdri]

I'm interested to see if the stockholders will file a derivative action against the board of directors.

 

[KefkaCultist]

Well, I'm never buying another Sony console again, the only time I've ever going to put my details in PSN again will be for 5 minutes so I can buy the new Black Ops Zombie map.

I don't blame anyone for despising Sony right now.

Why despise sony when 80% of the fault falls on skilled hackers? Hackers hack websites and other things constantly, but this time was a particularly nasty one that has hurt Sony a lot.

To me, saying that you despise sony for their misfortune is like saying you despise a person who got raped for not being strong enough to take it

I put my trust in Sony.

My hard earned money, they PROMISED they would keep it safe, did they?

No

P.S: You spelt "Despise" wrong.

A bank promises to keep your money safe. If they get robbed by extremely skilled criminals do you blame the bank?

To err is human that is why you shouldn't hate Sony and also why I originally misspelled despise

 

[GEAR BOSS]

Not surprising. Honestly, I don't know what's taking them so long to bring PSN back online. Feel sorry for the PS3 guys out there.

 

[Cliff_m85]

Well, I'm never buying another Sony console again, the only time I've ever going to put my details in PSN again will be for 5 minutes so I can buy the new Black Ops Zombie map.

I don't blame anyone for despising Sony right now.

Why despise sony when 80% of the fault falls on skilled hackers? Hackers hack websites and other things constantly, but this time was a particularly nasty one that has hurt Sony a lot.

To me, saying that you despise sony for their misfortune is like saying you despise a person who got raped for not being strong enough to take it

I put my trust in Sony.

My hard earned money, they PROMISED they would keep it safe, did they?

No

P.S: You spelt "Despise" wrong.

A bank promises to keep your money safe. If they get robbed by extremely skilled criminals do you blame the bank?

To err is human that is why you shouldn't hate Sony and also why I originally misspelled despise

Yes, I would blame the bank. They should take preventative measures to protect my funds from such an event.

Pushing blame is odd, some people just don't want to admit that Sony had a responsibility to their customers. The stock drop shows this.

 

[MysticToast]

Although this was kind of obvious, I still feel bad for Sony. Not only did they get hacked, this stock thing happened and everyone is throwing their misguided hate on them.

I'm behind Sony and patiently waiting for them to get back on their feet. I'm not going to blame them for getting hacked because, well, that's stupid.

 

[Therumancer]

You know, I think Sony could resolve a lot of these problems by simply making a public apology for it's behaviors over the last few years and changing it's policies.

Like it or not, this all pretty much got started because of Sony deciding to remove the "Other OS" option from their systems supposedly for security purposes, but actually because of their concern over losing a few bucks to piracy, and not caring about how many people they hurt in the process, or pesky things like the morality of taking away a feature someone paid for.

The Hackers are more or less providing that removing the other OS service did NOTHING for their crappy security, and that it was all about screwing everyone for their bottom line, since serious hackers could destroy them at will anyway.

I kind of suspect a lot of their problems would vanish if they just came out, apologized, and took better care of their customers.

This would also work well as a statement to other companies involved online, that they are at the mercy of their users, and to keep themselves in check, or else eventually they are going to slot off the wrong people. You can only push so far before you get pushed back and lose everything.

I understand WHY Sony doesn't want to pucker up to it's user base, but I think that's the bottom line, and really at this point it's pride, and fear of the precedents it will set for online business, that is preventing it. Yet at the same time, that's where things are liable to end up anyway.

Whether there will be a third wave of attacks isn't relevent, the bottom line is that we know there could be, and that Sony couldn't stop them, Sony knows that too, so why should they continue to force the issue?

I kind of expect that there won't be a third wave, and rather that the hackers responsible will probably wait for Sony to launch with it's updated security, and then tear that down to make a statement.

We'll see what happens in the long run.

 

[KefkaCultist]

Well, I'm never buying another Sony console again, the only time I've ever going to put my details in PSN again will be for 5 minutes so I can buy the new Black Ops Zombie map.

I don't blame anyone for despising Sony right now.

Why despise sony when 80% of the fault falls on skilled hackers? Hackers hack websites and other things constantly, but this time was a particularly nasty one that has hurt Sony a lot.

To me, saying that you despise sony for their misfortune is like saying you despise a person who got raped for not being strong enough to take it

I put my trust in Sony.

My hard earned money, they PROMISED they would keep it safe, did they?

No

P.S: You spelt "Despise" wrong.

A bank promises to keep your money safe. If they get robbed by extremely skilled criminals do you blame the bank?

To err is human that is why you shouldn't hate Sony and also why I originally misspelled despise

Yes, I would blame the bank. They should take preventative measures to protect my funds from such an event.

Pushing blame is odd, some people just don't want to admit that Sony had a responsibility to their customers. The stock drop shows this.

There are no amount preventative measures to stop skilled assholes from being assholes. Your blame is misdirected. Blame the offender not the offended.

 

[GonzoGamer]

It'll soon be a great time to buy up some cheap shares in advance of their inevitable comeback.

That's what I've been thinking.
It's almost time to
Buy! Buy! Buyyyyy!

 

[Cliff_m85]

Well, I'm never buying another Sony console again, the only time I've ever going to put my details in PSN again will be for 5 minutes so I can buy the new Black Ops Zombie map.

I don't blame anyone for despising Sony right now.

Why despise sony when 80% of the fault falls on skilled hackers? Hackers hack websites and other things constantly, but this time was a particularly nasty one that has hurt Sony a lot.

To me, saying that you despise sony for their misfortune is like saying you despise a person who got raped for not being strong enough to take it

I put my trust in Sony.

My hard earned money, they PROMISED they would keep it safe, did they?

No

P.S: You spelt "Despise" wrong.

A bank promises to keep your money safe. If they get robbed by extremely skilled criminals do you blame the bank?

To err is human that is why you shouldn't hate Sony and also why I originally misspelled despise

Yes, I would blame the bank. They should take preventative measures to protect my funds from such an event.

Pushing blame is odd, some people just don't want to admit that Sony had a responsibility to their customers. The stock drop shows this.

There are no amount preventative measures to stop skilled assholes from being assholes. Your blame is misdirected. Blame the offender not the offended.

If the security is good enough, it shouldn't matter that my password is "password". Sony said seriously.