Sony share price rises in wake of PSN negativity

While most of the media coverage relating to hardware giant Sony over the past couple of weeks has been fairly negative, it’s being reported that the company’s shares have actually risen as trading started on Monday.

PlayStation Network

It's looking like a good time to consider selling.

Yesterday’s announcement that the company would soon resume online services seems to have buoyed investors’ spirits, with Sony stock climbing two percent to 2,306 yen in Monday’s early trade. This follows a massive 4.5% tumble at end of trading Thursday, before Tokyo markets took a long weekend and did not trade Friday.

An estimated 77 million PlayStation Network users around the world have been affected following a security breach was detected on April 19th. Yesterday, Sony announced a “make good” plan, including free PlayStation Plus membership and credit card renewal fees in some regions (if users could prove damage suffered).

Stories are also circulating that one in five PlayStation gamers is contemplating shifting to Microsoft‘s Xbox LIVE network instead, claiming to be unhappy with the way Sony handled this recent wave of drama.

Source: [surl=http://www.reuters.com/article/2011/05/02/us-sony-idUSTRE73R0Q320110502]Reuters[/surl]

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