Shares of electronics guru Sony were last seen higher by more than 3% on the day; unfortunately, it wasn't due to overwhelming demand for its Playstation 3 video game system on Black Friday. However, according to The Wall Street Journal, it seems that someone is very interested in the company itself, as Dubai International Capital, a unit of Dubai Holding, said it bought a stake in the Tokyo entertainment giant. Neither Dubai nor The Journal indicated the size of the holding.
Technically speaking, the equity has been trapped in a trading range since early August - with support at the 45-46 region, and resistance in the 50-51 region. Still, the stock has broken out above its declining 10-week and 20-week trendlines, and now has these intermediate-term moving averages poised for a bullish cross. While bearish sentiment is lacking (read that as a lack of sideline money), there seems to be a short-covering trend underway for SNE. During November, the number of SNE shares sold short dropped by about 21%. A continuation of this trend could help usher the security higher over the near-term.