Pioneer shares up on smaller loss

Pioneer will stop making flat-screen TVs by March 2010

Shares in Japanese electronics maker Pioneer have risen 9% in Tokyo after the company announced better-than-expected results for July to September.

The firm made a net loss of 36.8bn yen ($406m; £245m), compared with a 40.9bn yen loss a year ago.

As a result, broker UBS upgraded the company's stock from "sell" to "neutral", sparking renewed confidence among investors.

Earlier this year, Pioneer announced 10,000 job cuts due to the downturn.

Hit by the sharp fall in global consumer spending, Pioneer had already shed 5,900 jobs last year.

The struggling company also announced it would close its loss-making flat-screen television business.