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Investment Latest News: Why Sony Won't Become the Next Yahoo

Wochit

When U.S. hedge-fund investor Daniel Loeb said he had become Sony?s biggest shareholder in May, the media, investors and more than a few Sony employees braced for a knock-down, drag-out fight like the battle Mr. Loeb engaged in at Yahoo Inc. While Mr. Loeb?s Third Point fund expressed disappointment that Sony rejected his proposal to sell part of its entertainment business, there are growing signs that, whatever happens, it won?t be a sequel to his proxy fight at Yahoo.

Trading volume has been muted, marking the lightest full-day action of the year, a sign that market participants are largely holding pat near historic levels. Investor focus on Federal Reserve has receded after last week's bearish payroll report suggested the Fed would not ease its monetary stimulus soon, while most of the bellwether companies have already reported.

Stock index futures were flat as investors looked for new reasons to buy following a rally that repeatedly took major indexes to record levels. The S&P 500 has risen for five of the past six weeks, gaining more than 7 percent over that period. The index closed at an all-time high despite a disappointing read on the labor market, which showed that hiring slowed in July.