Sony hits highest point in decades on PS5 sales improvement, cheaper Japan console

US-listed ADRs of Sony reached their highest point since the early 2000s on Wednesday as investors continued to digest the tech giant’s second-quarter earnings results.

On Tuesday, Sony reported that it had sold 3.9 million PlayStation 5s in the quarter ended September 30 — a period that included a $50 US price hike. That sales figure moves the 5-year-old console’s lifetime sales number (now 84.2 million) ahead of Microsoft’s Xbox 360 and just shy of the PS3. The PS5 is still narrowly behind the sales pace of the PS4.

During a State of Play showcase on Tuesday evening, Sony announced it would begin selling a Japanese-language-only version of the console for about 25% cheaper than the standard version. The move mirrors Nintendo’s Switch 2 pricing strategy from earlier this year, when it priced the new handheld console about 35% cheaper in Japan than in the US.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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