UPDATE: The cause of Sony's share spike may be attributed to reports from Japan, via Bloomberg, that the company is looking to spin-off its entertainment, including PlayStation, division. The Nikkei newspaper reported that Sony is "leaning towards" the split with the option being considered "at a board meeting."
Last week Daniel Loeb, one of Sony's biggest investors, recommended the move saying the electronics and entertainment branches of the company mask each other's true value.
ORIGINAL STORY: Sony's share price has surged more than 8% since Microsoft's Xbox One reveal as investors reacted negatively to Microsoft's next console while welcoming further streamlining efforts in the PlayStation 4 maker.
At the time of press Sony's stock had jumped 8.8% on the NYSE to $22.82. The company saw an 11% jump in share price following the PlayStation 4's announcement event in February. Nintendo's shares have also seen a rise today of 2%.
It's unclear why the jump occured though Microsoft's focus on entertainment and connectivity options over games – most of which will be announced at E3 – may have provoked the surge. It has also been reported that layoffs have hit Sony Japan though it's currently unclear if Sony Computer Entertainment has been affected.
Analyst Michael Pachter has previously said the PS4's announcement boosted investor confidence in the core game market possibly suggesting that Microsoft's focus on multimedia opportunities is misguided. The games the company is set to announce at E3 may improve investor confidence in Xbox One.
Microsoft's Larry 'Major Nelson' Hryb has commented that "at the Electronic Entertainment Expo (E3) in Los Angeles, we'll continue the conversation and showcase out full lineup of blockbuster games."
Microsoft's shares are currently down by roughly 0.5%.
Source: Yahoo! Finance.
