A Small Consolation: Investors Thank Toshiba For Cutting Its High-Def Losses

With various reports all but confirming the end of the high-def format wars, HD DVD backer Toshiba is getting rewarded for giving up. Shares of Toshiba are up over 5 percent in Japanese trading following the news, and analysts have weighed in with positive comments on the stock, according to Reuters. An analyst at JP Morgan estimated that by giving up on HD DVD promotion costs, the company will add $280 million in operating profit over the coming business year. The stock is still well off its 52-week highs, but at this point, it’s a relief that Toshiba won’t be throwing any more good money after bad.