TOKYO, Oct 28 (Reuters) - The following stocks are on the move on Monday.
**ANA DOWN AFTER GOLDMAN DOWNGRADE**
All Nippon Airways Co Ltd down 2.22 percent at 264 after Goldman Sachs downgraded it to "MP" (market performer) from "MO" (market outperformer).
The brokerage said in a report to clients that valuations in the Japanese airline sector were "singularly unattractive", citing the weak domestic economy as well as numerous downside risks such as a spike in fuel prices due to a possible war in Iraq, and a double-dip recession in the United States.
ANA rival Japan Airlines System Corp , which Goldman also rates "MP", down 1.86 percent at 264 yen.
Goldman expects both stocks to be neutral performers relative to the TOPIX index over the coming six to 18 months. 0515 GMT **NITORI MAKES SOLID DEBUT ON TOKYO'S FIRST SECTION**
Nitori Co Ltd, a retailer of furniture and interior goods, made a solid debut on the Tokyo bourse's first section, with its shares trading at 4,690 yen in mid-afternoon trade.
The shares first traded at 4,710 yen in Tokyo. They also kept trading on the Sapporo Stock Exchange, where they closed Friday at 4,660 yen.
The stock defied the overall market's weakness partly due to demand from index funds. Nitori will become a constituent of the TOPIX index of all first-section issues on Tuesday. 0504 GMT **MINOLTA UP AFTER NOMURA RAISES RATING**
Camera and copier maker Minolta Co Ltd up 7.23 percent at 504 yen, an 18-month high, after Nomura Securities raised its rating on the stock to "1" from "2".
Nomura expects the stock to outperform the TOPIX index by more than 15 percentage points over the next six months.
The rating upgrade came two sessions after Minolta revised up its group net profit forecast for 2002/03 by 67 percent to 10 billion yen ($80.45 million) on cost cuts. 0415 GMT **FUTABA DOWN AFTER OPERATING FORECAST CUT**
Futaba Industrial Co Ltd down 5.95 percent or 74 yen at 1,170. The car parts maker cut its group operating profit for the year to March after the close on Friday by 13 percent to 10.70 billion yen ($86.08 million), although it raised its estimate for sales.
Following the revision, Deutsche Securities cut its rating on the affiliate of Toyota Motor Corp to "hold" from "buy" and lowered its target share price to 1,200 yen from 1,550, citing concerns about an increase in mould costs.
"Toyota, which has been struggling recently in the domestic market, has accelerated its launch schedule for models with minor design changes. This has compelled Futaba to front-load its investment in the required moulds," wrote analyst Kunihiro Matsumoto in a note to clients. 0345 GMT
**SONY SLIGHTLY HIGHER AHEAD OF Q2 EARNINGS**
Electronics and entertainment conglomerate Sony Corp up 1.3 percent or 70 yen at 5,460, outperforming a 1.46 percent fall in the Nikkei average ahead of Sony's earnings results due for release after the close of trade.
Sony is expected to post strong results for the last quarter and keep its full-year targets intact. Sony is marking a banner year in its movie division, while its PlayStation 2 is in peak profit-earning form and corporate reforms are cutting costs.
Richard Chu, an analyst at ING Securities, said he expects Sony to beat the consensus forecast for a consolidated operating profit around 50 billion yen ($400 million) for the July-September quarter. Sony will also give an updated outlook for the full year to March. 0200 GMT **YODOGAWA STEEL UP ON JP MORGAN UPGRADE**
Yodogawa Steel Works Ltd up 7.84 percent or 20 yen at 275 after JP Morgan raised its rating on the maker of surface-treated steel sheets to "overweight" from "neutral", traders said.
Yodogawa was the second-biggest percentage gainer on the first section of the Tokyo Stock Exchange. 0200 GMT
**ITO-YOKADO DOWN, RETAIL SALES DATA WEIGHS**
Top retailing group Ito-Yokado Co Ltd down 0.53 percent at 3,730 yen following bearish retail sales data for September. Ito-Yokado's convenience store unit Seven-Eleven Japan Co Ltd down 2.64 percent at 3,320 yen.
Before the open of trade, government data showed retail sales in Japan fell 3.0 percent in September from a year earlier, racking up the 18th straight month of year-on-year decline, and a steeper fall than the 2.1 percent decline recorded in August.
Ito-Yokado's shares fell as low as 3,630 yen during morning trade, just 120 yen above a year-to-date low.
"The outlook for the second half is very unclear given such poor data. Selling is picking up even on winners in the sector like Ito-Yokado," said a trader at a mid-tier brokerage. 0200 GMT