Panasonic Stock Hits Three-Month High - TheStreet

NEW YORK (

TheStreet

) --

Panasonic

(PC)

shares have glided to a new three-month high as rave reports on its new 3D plasma TV continue to trickle in.

Panasonic American Depositary Receipts (ADR) have risen by 5% to $15.80 in the morning session.

Panasonic unveiled the new technology at the 2010 Consumer Electronics Show last week.

The company is expected to begin selling the VT25 series in the U.S. in spring. It will be one of the first 3D, flat-panel HDTVs to be sold in the U.S.

The company also announced at the largest consumer electronics show of its kind that will be working with Skype and DirecTV, separately, to take videoconferencing and 3D programming, respectively, to its newest high-def TVs, according to reports.

On January 8, the world's largest plasma TV maker said that it has "added a new yardstick" for the new fiscal year ending March 31, fiscal 2011. It consists of having multiple key products that hold a top market share globally and to achieve 10 trillion yen or more in sales and 10% or more in operating profit and return on equity.

As part of the plan, Panasonic will invest about 100 billion yen from fiscal 2011 to 2016 to increase production of Sanyo solar cells. It is seeking to be in the number 1 market share position in Japan for its solar cell business in fiscal 2013 and one of the top three companies in the global market in fiscal 2016.

"Thanks to Sanyo, which is a key player in solar cells and rechargeable batteries and has strength in electronics devices and commercial equipment, the depth and width of Panasonic group has further expanded," Panasonic President Fumio Ohtsubo told a news conference, according to

Reuters.

The company acquired a majority stake in Sanyo, one of the world's largest rechargeable battery manufacturers, last month.

Meanwhile, Panasonic aims to achieve sales exceeding one trillion yen and over 40% market share for its lithium-ion rechargeable battery business in the global market in fiscal 2016.

Panasonic peers are also trading higher this morning.

Sony

(SNE) - Get Report

ADRs are up 3.4% to $31.70, and

Hitachi

(HIT)

ADRs are up 2.6% to $32.20. However,

Koninklijke Philips

(PHG) - Get Report

has tumbled 2.2% to $30.20.

-- Reported by Andrea Tse in New York

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