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WDI (3068)

Watchlist
  • 2963
  • +1+0.03%
20min DelayMarket Closed May 15 15:24 JST
18.76BMarket Cap19.92P/E (Static)

WDI (3068) Balance Sheet

Quarterly+Annual
YOY yoy
Hide blank lines yoy
(Q2)Sep 30, 2025
(FY)Mar 31, 2025
(Q4)Mar 31, 2025
(Q2)Sep 30, 2024
(FY)Mar 31, 2024
(Q4)Mar 31, 2024
(Q3)Dec 31, 2023
(Q2)Sep 30, 2023
(Q1)Jun 30, 2023
(FY)Mar 31, 2023
Assets
Current assets
Cash, cash equivalents and short term investments
33.10%6.55B
-13.27%5.15B
-13.27%5.15B
-23.87%4.92B
9.08%5.94B
--5.94B
6.44%5.73B
12.71%6.47B
-7.56%5.39B
-11.79%5.45B
-Cash and cash equivalents
33.10%6.55B
-13.27%5.15B
-13.27%5.15B
-23.87%4.92B
9.08%5.94B
--5.94B
6.44%5.73B
12.71%6.47B
-7.56%5.39B
-11.79%5.45B
Receivables
12.32%952.27M
3.51%992.55M
3.51%992.55M
14.43%847.84M
19.70%958.87M
--958.87M
5.05%1B
17.95%740.94M
14.51%687.06M
26.79%801.08M
-Accounts receivable
12.32%952.27M
3.51%992.55M
3.51%992.55M
14.43%847.84M
19.70%958.87M
--958.87M
5.05%1B
17.95%740.94M
14.51%687.06M
26.79%801.08M
-Gross accounts receivable
12.32%952.27M
3.51%992.55M
3.51%992.55M
14.43%847.84M
19.70%958.87M
--958.87M
5.05%1B
17.95%740.94M
14.51%687.06M
26.79%801.08M
Inventory
16.40%1.23B
15.49%1.16B
15.49%1.16B
25.38%1.06B
33.80%1B
--1B
22.98%1B
14.44%845.9M
27.39%769.25M
22.36%749.17M
Prepaid assets
-3.93%603.58M
-4.25%734.16M
-4.25%734.16M
2.22%628.26M
28.79%766.71M
--766.71M
24.87%793.22M
37.59%614.64M
23.00%546.9M
24.91%595.31M
Other current assets
-51.72%500.11M
4.17%420.1M
4.17%420.1M
117.32%1.04B
-7.34%403.3M
--403.3M
-1.74%482.53M
32.09%476.69M
20.32%412.79M
13.25%435.25M
Total current assets
15.86%9.84B
-6.78%8.46B
-6.78%8.46B
-7.10%8.49B
13.02%9.07B
--9.07B
8.84%9B
15.58%9.14B
-0.21%7.81B
-3.04%8.03B
Non current assets
Net PPE
-9.06%12.54B
-1.32%13.23B
-1.32%13.23B
3.13%13.79B
6.01%13.41B
--13.41B
58.68%13.66B
56.73%13.38B
51.57%12.83B
53.35%12.65B
-Gross PP&E
-4.73%22.94B
2.52%23.5B
2.52%23.5B
6.81%24.08B
9.17%22.93B
--22.93B
41.54%23.21B
40.10%22.55B
36.54%21.43B
37.43%21B
-Accumulated depreciation
-1.07%-10.4B
-7.93%-10.27B
-7.93%-10.27B
-12.18%-10.29B
-13.97%-9.52B
---9.52B
-22.59%-9.55B
-21.34%-9.17B
-18.93%-8.6B
-18.76%-8.35B
Total investment
--283.4M
891.02%318.1M
891.02%318.1M
----
--32.1M
--32.1M
----
----
----
----
-Financial asset investment
--283.4M
891.02%318.1M
891.02%318.1M
----
--32.1M
--32.1M
----
----
----
----
-Including:Available-for-sale securities
--283.4M
891.02%318.1M
891.02%318.1M
----
--32.1M
--32.1M
----
----
----
----
Goodwill and other intangible assets
-12.54%136.44M
-18.21%140.88M
-18.21%140.88M
-17.59%156.01M
-15.24%172.25M
--172.25M
-15.36%182.81M
-14.96%189.3M
-13.34%196.39M
-9.09%203.21M
-Other intangible assets
-12.54%136.44M
-18.21%140.88M
-18.21%140.88M
-17.59%156.01M
-15.24%172.25M
--172.25M
-15.36%182.81M
-14.96%189.3M
-13.34%196.39M
-9.09%203.21M
Deferred tax assets-non current
-3.33%162.5M
-3.33%162.5M
-3.33%162.5M
287.58%168.09M
287.58%168.09M
--168.09M
45.08%43.37M
45.08%43.37M
45.08%43.37M
45.08%43.37M
Other non current assets
-54.35%236.47M
22.85%241.09M
22.85%241.09M
96.85%517.98M
-0.72%196.26M
--196.26M
22.25%236.77M
36.22%263.13M
13.41%220.09M
0.59%197.68M
Total non current assets
-8.70%13.36B
0.83%14.09B
0.83%14.09B
5.52%14.64B
6.75%13.98B
--13.98B
56.09%14.12B
54.47%13.87B
49.07%13.29B
50.53%13.09B
Total assets
0.32%23.2B
-2.17%22.55B
-2.17%22.55B
0.50%23.13B
9.13%23.05B
--23.05B
33.52%23.13B
36.25%23.02B
26.03%21.1B
24.40%21.12B
Liabilities
Current liabilities
Financial liabilities
15.44%1.84B
-24.15%1.4B
-24.15%1.4B
-21.02%1.59B
11.32%1.85B
--1.85B
65.42%1.92B
66.06%2.02B
14.31%1.65B
17.73%1.66B
-Current debt and capital lease obligation
15.44%1.84B
-24.15%1.4B
-24.15%1.4B
-21.02%1.59B
11.32%1.85B
--1.85B
65.42%1.92B
66.06%2.02B
14.31%1.65B
17.73%1.66B
-Including:Current debt
46.86%1.25B
-34.44%745.68M
-34.44%745.68M
-36.09%848.26M
7.10%1.14B
--1.14B
2.69%1.19B
9.32%1.33B
-28.95%1.02B
-24.67%1.06B
-Including:Current capital Lease obligation
-20.38%592.34M
-7.67%655.74M
-7.67%655.74M
8.00%743.99M
18.80%710.23M
--710.23M
--727.56M
--688.88M
--623.49M
--597.83M
Payables
17.68%2.88B
-10.15%2.48B
-10.15%2.48B
7.99%2.44B
34.24%2.76B
--2.76B
11.78%2.41B
25.69%2.26B
17.50%2.08B
14.97%2.06B
-accounts payable
-16.89%927.32M
2.44%980.88M
2.44%980.88M
20.68%1.12B
10.00%957.52M
--957.52M
8.63%1.05B
24.33%924.64M
37.05%857.25M
39.31%870.51M
-Total tax payable
-33.88%268.23M
-0.54%401.04M
-0.54%401.04M
8.26%405.67M
41.69%403.21M
--403.21M
17.05%286.45M
4.68%374.7M
-15.91%211.58M
-17.48%284.57M
-Other payable
82.22%1.68B
-21.52%1.1B
-21.52%1.1B
-4.30%921.84M
55.29%1.4B
--1.4B
13.62%1.07B
37.91%963.29M
13.23%1.01B
10.06%901.44M
Current provisions
14.25%74.6M
17.63%71.4M
17.63%71.4M
58.11%65.3M
29.62%60.7M
--60.7M
11.96%56.15M
3.33%41.3M
-32.74%43.1M
-26.51%46.83M
Pension and other retirement benefit plans
12.99%220.86M
9.62%196.5M
9.62%196.5M
11.07%195.47M
-19.91%179.25M
--179.25M
-23.92%88.76M
-26.33%175.99M
-26.28%89.23M
-6.56%223.82M
Accrued and deferred income
-10.89%595.66M
-10.49%684.57M
-10.49%684.57M
1.97%668.43M
31.15%764.78M
--764.78M
35.97%732.36M
40.20%655.49M
36.16%587.94M
36.27%583.15M
Other current liabilities
-12.56%327.62M
-14.34%362.79M
-14.34%362.79M
-9.47%374.67M
-27.75%423.5M
--423.5M
-9.38%435.54M
7.13%413.85M
8.24%350.44M
111.91%586.2M
Current liabilities
11.10%5.93B
-13.90%5.2B
-13.90%5.2B
-4.06%5.34B
17.07%6.04B
--6.04B
25.32%5.64B
34.20%5.57B
15.56%4.8B
22.58%5.16B
Non current liabilities
Non current financial liabilities
2.86%8.48B
-5.60%7.98B
-5.60%7.98B
-10.84%8.25B
-0.67%8.45B
--8.45B
77.13%9.13B
76.27%9.25B
48.65%8.14B
42.82%8.51B
-Long term debt and capital lease obligation
2.86%8.48B
-5.60%7.98B
-5.60%7.98B
-10.84%8.25B
-0.67%8.45B
--8.45B
77.13%9.13B
76.27%9.25B
48.65%8.14B
42.82%8.51B
-Including:Long term debt
26.57%5.35B
-4.15%4.31B
-4.15%4.31B
-16.77%4.22B
2.48%4.5B
--4.5B
-5.27%4.88B
-3.27%5.08B
-24.49%4.13B
-26.32%4.39B
-Including:Long term capital lease obligation
-22.05%3.13B
-7.25%3.67B
-7.25%3.67B
-3.63%4.02B
-4.02%3.95B
--3.95B
--4.25B
--4.17B
--4B
--4.12B
Long term pension and other post-retirement benefit plans
22.22%2.07M
-4.44%2.24M
-4.44%2.24M
-28.03%1.7M
10.53%2.34M
--2.34M
-63.25%2.36M
-66.92%2.36M
-66.83%2.21M
-66.77%2.12M
Non current deferred liabilities
0.47%1.09B
5.19%1.1B
5.19%1.1B
2.41%1.09B
-1.99%1.04B
--1.04B
-1.19%1.06B
-1.19%1.06B
-1.19%1.06B
-1.19%1.06B
Other non current liabilities
2.92%168.07M
16.98%169.47M
16.98%169.47M
16.86%163.31M
13.67%144.87M
--144.87M
-77.09%139.8M
-75.94%139.74M
-75.36%129.49M
-73.71%127.45M
Total non current liabilities
2.59%9.75B
-4.09%9.24B
-4.09%9.24B
-9.13%9.5B
-0.62%9.64B
--9.64B
50.95%10.33B
51.27%10.45B
31.77%9.33B
28.93%9.7B
Total liabilities
5.65%15.68B
-7.87%14.44B
-7.87%14.44B
-7.37%14.84B
5.52%15.67B
--15.67B
40.78%15.97B
44.87%16.02B
25.78%14.13B
26.65%14.85B
Shareholders'equity
Share capital
0.00%50M
0.00%50M
0.00%50M
0.00%50M
0.00%50M
--50M
0.00%50M
0.00%50M
0.00%50M
0.00%50M
-common stock
0.00%50M
0.00%50M
0.00%50M
0.00%50M
0.00%50M
--50M
0.00%50M
0.00%50M
0.00%50M
0.00%50M
Additional paid-in capital
0.75%1.15B
1.06%1.14B
1.06%1.14B
1.02%1.14B
0.61%1.13B
--1.13B
0.61%1.13B
0.61%1.13B
0.12%1.13B
0.00%1.12B
Retained earnings
-8.06%5.54B
16.43%5.93B
16.43%5.93B
25.60%6.03B
23.79%5.09B
--5.09B
22.12%4.88B
24.37%4.8B
33.24%4.69B
26.37%4.11B
Less: Treasury stock
-14.03%149.14M
-12.89%173.62M
-12.89%173.62M
-12.96%173.48M
125.75%199.31M
--199.31M
125.75%199.31M
125.75%199.31M
0.08%88.29M
12,282.33%88.29M
Other reserves
17.98%-431.86M
4.33%-519.47M
4.33%-519.47M
2.89%-526.51M
-9.56%-542.99M
---542.99M
-11.52%-584.89M
-22.19%-542.18M
-50.51%-491.02M
-93.65%-495.59M
Total stockholders'equity
-5.49%6.16B
16.23%6.43B
16.23%6.43B
24.46%6.52B
17.58%5.53B
--5.53B
15.78%5.28B
16.39%5.24B
23.53%5.29B
12.73%4.7B
Noncontrolling interests
-22.97%1.36B
-8.82%1.68B
-8.82%1.68B
0.79%1.77B
18.06%1.85B
--1.85B
32.43%1.88B
31.87%1.76B
37.16%1.68B
45.10%1.56B
Total equity
-9.22%7.53B
9.96%8.11B
9.96%8.11B
18.52%8.29B
17.70%7.38B
--7.38B
19.73%7.15B
19.93%7B
26.56%6.97B
19.37%6.27B
Currency Unit
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Accounting Standards
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
NonUS-GAAP
(Q2)Sep 30, 2025(FY)Mar 31, 2025(Q4)Mar 31, 2025(Q2)Sep 30, 2024(FY)Mar 31, 2024(Q4)Mar 31, 2024(Q3)Dec 31, 2023(Q2)Sep 30, 2023(Q1)Jun 30, 2023(FY)Mar 31, 2023
Assets
Current assets
Cash, cash equivalents and short term investments 33.10%6.55B-13.27%5.15B-13.27%5.15B-23.87%4.92B9.08%5.94B--5.94B6.44%5.73B12.71%6.47B-7.56%5.39B-11.79%5.45B
-Cash and cash equivalents 33.10%6.55B-13.27%5.15B-13.27%5.15B-23.87%4.92B9.08%5.94B--5.94B6.44%5.73B12.71%6.47B-7.56%5.39B-11.79%5.45B
Receivables 12.32%952.27M3.51%992.55M3.51%992.55M14.43%847.84M19.70%958.87M--958.87M5.05%1B17.95%740.94M14.51%687.06M26.79%801.08M
-Accounts receivable 12.32%952.27M3.51%992.55M3.51%992.55M14.43%847.84M19.70%958.87M--958.87M5.05%1B17.95%740.94M14.51%687.06M26.79%801.08M
-Gross accounts receivable 12.32%952.27M3.51%992.55M3.51%992.55M14.43%847.84M19.70%958.87M--958.87M5.05%1B17.95%740.94M14.51%687.06M26.79%801.08M
Inventory 16.40%1.23B15.49%1.16B15.49%1.16B25.38%1.06B33.80%1B--1B22.98%1B14.44%845.9M27.39%769.25M22.36%749.17M
Prepaid assets -3.93%603.58M-4.25%734.16M-4.25%734.16M2.22%628.26M28.79%766.71M--766.71M24.87%793.22M37.59%614.64M23.00%546.9M24.91%595.31M
Other current assets -51.72%500.11M4.17%420.1M4.17%420.1M117.32%1.04B-7.34%403.3M--403.3M-1.74%482.53M32.09%476.69M20.32%412.79M13.25%435.25M
Total current assets 15.86%9.84B-6.78%8.46B-6.78%8.46B-7.10%8.49B13.02%9.07B--9.07B8.84%9B15.58%9.14B-0.21%7.81B-3.04%8.03B
Non current assets
Net PPE -9.06%12.54B-1.32%13.23B-1.32%13.23B3.13%13.79B6.01%13.41B--13.41B58.68%13.66B56.73%13.38B51.57%12.83B53.35%12.65B
-Gross PP&E -4.73%22.94B2.52%23.5B2.52%23.5B6.81%24.08B9.17%22.93B--22.93B41.54%23.21B40.10%22.55B36.54%21.43B37.43%21B
-Accumulated depreciation -1.07%-10.4B-7.93%-10.27B-7.93%-10.27B-12.18%-10.29B-13.97%-9.52B---9.52B-22.59%-9.55B-21.34%-9.17B-18.93%-8.6B-18.76%-8.35B
Total investment --283.4M891.02%318.1M891.02%318.1M------32.1M--32.1M----------------
-Financial asset investment --283.4M891.02%318.1M891.02%318.1M------32.1M--32.1M----------------
-Including:Available-for-sale securities --283.4M891.02%318.1M891.02%318.1M------32.1M--32.1M----------------
Goodwill and other intangible assets -12.54%136.44M-18.21%140.88M-18.21%140.88M-17.59%156.01M-15.24%172.25M--172.25M-15.36%182.81M-14.96%189.3M-13.34%196.39M-9.09%203.21M
-Other intangible assets -12.54%136.44M-18.21%140.88M-18.21%140.88M-17.59%156.01M-15.24%172.25M--172.25M-15.36%182.81M-14.96%189.3M-13.34%196.39M-9.09%203.21M
Deferred tax assets-non current -3.33%162.5M-3.33%162.5M-3.33%162.5M287.58%168.09M287.58%168.09M--168.09M45.08%43.37M45.08%43.37M45.08%43.37M45.08%43.37M
Other non current assets -54.35%236.47M22.85%241.09M22.85%241.09M96.85%517.98M-0.72%196.26M--196.26M22.25%236.77M36.22%263.13M13.41%220.09M0.59%197.68M
Total non current assets -8.70%13.36B0.83%14.09B0.83%14.09B5.52%14.64B6.75%13.98B--13.98B56.09%14.12B54.47%13.87B49.07%13.29B50.53%13.09B
Total assets 0.32%23.2B-2.17%22.55B-2.17%22.55B0.50%23.13B9.13%23.05B--23.05B33.52%23.13B36.25%23.02B26.03%21.1B24.40%21.12B
Liabilities
Current liabilities
Financial liabilities 15.44%1.84B-24.15%1.4B-24.15%1.4B-21.02%1.59B11.32%1.85B--1.85B65.42%1.92B66.06%2.02B14.31%1.65B17.73%1.66B
-Current debt and capital lease obligation 15.44%1.84B-24.15%1.4B-24.15%1.4B-21.02%1.59B11.32%1.85B--1.85B65.42%1.92B66.06%2.02B14.31%1.65B17.73%1.66B
-Including:Current debt 46.86%1.25B-34.44%745.68M-34.44%745.68M-36.09%848.26M7.10%1.14B--1.14B2.69%1.19B9.32%1.33B-28.95%1.02B-24.67%1.06B
-Including:Current capital Lease obligation -20.38%592.34M-7.67%655.74M-7.67%655.74M8.00%743.99M18.80%710.23M--710.23M--727.56M--688.88M--623.49M--597.83M
Payables 17.68%2.88B-10.15%2.48B-10.15%2.48B7.99%2.44B34.24%2.76B--2.76B11.78%2.41B25.69%2.26B17.50%2.08B14.97%2.06B
-accounts payable -16.89%927.32M2.44%980.88M2.44%980.88M20.68%1.12B10.00%957.52M--957.52M8.63%1.05B24.33%924.64M37.05%857.25M39.31%870.51M
-Total tax payable -33.88%268.23M-0.54%401.04M-0.54%401.04M8.26%405.67M41.69%403.21M--403.21M17.05%286.45M4.68%374.7M-15.91%211.58M-17.48%284.57M
-Other payable 82.22%1.68B-21.52%1.1B-21.52%1.1B-4.30%921.84M55.29%1.4B--1.4B13.62%1.07B37.91%963.29M13.23%1.01B10.06%901.44M
Current provisions 14.25%74.6M17.63%71.4M17.63%71.4M58.11%65.3M29.62%60.7M--60.7M11.96%56.15M3.33%41.3M-32.74%43.1M-26.51%46.83M
Pension and other retirement benefit plans 12.99%220.86M9.62%196.5M9.62%196.5M11.07%195.47M-19.91%179.25M--179.25M-23.92%88.76M-26.33%175.99M-26.28%89.23M-6.56%223.82M
Accrued and deferred income -10.89%595.66M-10.49%684.57M-10.49%684.57M1.97%668.43M31.15%764.78M--764.78M35.97%732.36M40.20%655.49M36.16%587.94M36.27%583.15M
Other current liabilities -12.56%327.62M-14.34%362.79M-14.34%362.79M-9.47%374.67M-27.75%423.5M--423.5M-9.38%435.54M7.13%413.85M8.24%350.44M111.91%586.2M
Current liabilities 11.10%5.93B-13.90%5.2B-13.90%5.2B-4.06%5.34B17.07%6.04B--6.04B25.32%5.64B34.20%5.57B15.56%4.8B22.58%5.16B
Non current liabilities
Non current financial liabilities 2.86%8.48B-5.60%7.98B-5.60%7.98B-10.84%8.25B-0.67%8.45B--8.45B77.13%9.13B76.27%9.25B48.65%8.14B42.82%8.51B
-Long term debt and capital lease obligation 2.86%8.48B-5.60%7.98B-5.60%7.98B-10.84%8.25B-0.67%8.45B--8.45B77.13%9.13B76.27%9.25B48.65%8.14B42.82%8.51B
-Including:Long term debt 26.57%5.35B-4.15%4.31B-4.15%4.31B-16.77%4.22B2.48%4.5B--4.5B-5.27%4.88B-3.27%5.08B-24.49%4.13B-26.32%4.39B
-Including:Long term capital lease obligation -22.05%3.13B-7.25%3.67B-7.25%3.67B-3.63%4.02B-4.02%3.95B--3.95B--4.25B--4.17B--4B--4.12B
Long term pension and other post-retirement benefit plans 22.22%2.07M-4.44%2.24M-4.44%2.24M-28.03%1.7M10.53%2.34M--2.34M-63.25%2.36M-66.92%2.36M-66.83%2.21M-66.77%2.12M
Non current deferred liabilities 0.47%1.09B5.19%1.1B5.19%1.1B2.41%1.09B-1.99%1.04B--1.04B-1.19%1.06B-1.19%1.06B-1.19%1.06B-1.19%1.06B
Other non current liabilities 2.92%168.07M16.98%169.47M16.98%169.47M16.86%163.31M13.67%144.87M--144.87M-77.09%139.8M-75.94%139.74M-75.36%129.49M-73.71%127.45M
Total non current liabilities 2.59%9.75B-4.09%9.24B-4.09%9.24B-9.13%9.5B-0.62%9.64B--9.64B50.95%10.33B51.27%10.45B31.77%9.33B28.93%9.7B
Total liabilities 5.65%15.68B-7.87%14.44B-7.87%14.44B-7.37%14.84B5.52%15.67B--15.67B40.78%15.97B44.87%16.02B25.78%14.13B26.65%14.85B
Shareholders'equity
Share capital 0.00%50M0.00%50M0.00%50M0.00%50M0.00%50M--50M0.00%50M0.00%50M0.00%50M0.00%50M
-common stock 0.00%50M0.00%50M0.00%50M0.00%50M0.00%50M--50M0.00%50M0.00%50M0.00%50M0.00%50M
Additional paid-in capital 0.75%1.15B1.06%1.14B1.06%1.14B1.02%1.14B0.61%1.13B--1.13B0.61%1.13B0.61%1.13B0.12%1.13B0.00%1.12B
Retained earnings -8.06%5.54B16.43%5.93B16.43%5.93B25.60%6.03B23.79%5.09B--5.09B22.12%4.88B24.37%4.8B33.24%4.69B26.37%4.11B
Less: Treasury stock -14.03%149.14M-12.89%173.62M-12.89%173.62M-12.96%173.48M125.75%199.31M--199.31M125.75%199.31M125.75%199.31M0.08%88.29M12,282.33%88.29M
Other reserves 17.98%-431.86M4.33%-519.47M4.33%-519.47M2.89%-526.51M-9.56%-542.99M---542.99M-11.52%-584.89M-22.19%-542.18M-50.51%-491.02M-93.65%-495.59M
Total stockholders'equity -5.49%6.16B16.23%6.43B16.23%6.43B24.46%6.52B17.58%5.53B--5.53B15.78%5.28B16.39%5.24B23.53%5.29B12.73%4.7B
Noncontrolling interests -22.97%1.36B-8.82%1.68B-8.82%1.68B0.79%1.77B18.06%1.85B--1.85B32.43%1.88B31.87%1.76B37.16%1.68B45.10%1.56B
Total equity -9.22%7.53B9.96%8.11B9.96%8.11B18.52%8.29B17.70%7.38B--7.38B19.73%7.15B19.93%7B26.56%6.97B19.37%6.27B
Currency Unit JPYJPYJPYJPYJPYJPYJPYJPYJPYJPY
Accounting Standards NonUS-GAAPNonUS-GAAPNonUS-GAAPNonUS-GAAPNonUS-GAAPNonUS-GAAPNonUS-GAAPNonUS-GAAPNonUS-GAAPNonUS-GAAP
Market Insights
Middle East conflict spreads to the stock market! How should investors respond?
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