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We do not think investors will pay up for residential trading profits in the current environment.
This has led analysts to lower their expectations for profits in the current quarter.
Companies ranging from Eastman Kodak to Adobe Systems, the software publisher, warned of disappointing profits in the current quarter.
The Clorox Company warned today that its sales and profits in the current quarter, its second, would be less than they were in the period a year earlier.
Elsewhere, H. J. Heinz fell $1.75, to $35.44, after the company warned that profits in the current quarter would fall short of expectations.
The broker said it expected a decline in profits in the current year, but maintained this was already in the price.
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"We are focused on achieving a small profit in the current financial year," Mr. Walsh said.
He forecast an 8 percent drop in Fast Retailing's operating profit in the current financial year.
It also withdrew its forecast for a ¥18 billion net profit in the current business year.
The company's profit in the current quarter, which ends in May, may also exceed analysts' expectations.
NetApp expects weaker profit in the current quarter as a result of "increasing uncertainty" in the global economy.
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