Word: corp
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Dates: during 1970-1979
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...trade among its members, have put up barrier after barrier against foreign goods. In the U.S. two actions within the past fortnight have dramatized the growing clamor for restrictions against imports of steel, textiles, shoes, TV sets and dozens of other items. At the end of September, Zenith Radio Corp., the largest U.S. maker of TV sets, announced that it would lay off 5,600 American employees within the next year, because of competition from imports, and transfer much of its color-set production to Taiwan and Mexico. Responding to complaints from U.S. steelmakers, the Treasury Department accused five Japanese...
...only a somewhat mysterious word to the average investor. Then it became known that a handful of Wall Street arbitragers who like to speculate on corporate takeovers were the big winners in a bidding war for Babcock & Wilcox Co. (TIME, Sept. 5). As soon as United Technologies Corp. made an opening tender offer, the arbitragers began sinking $100 million-much of it borrowed-into purchases of B & W stock, starting at $42 a share; they quickly bought up more than a quarter of the outstanding shares. Then they sat back happily while United and J. Ray McDermott Inc. made escalating...
Even as the stock market edged downward this year, one stock shot up sensationally. Between January and mid-September, the shares of a little-known company called Savin Business Machines Corp., of Valhalla, N.Y., increased 158% in value on the New York Stock Exchange, reaching a high of $50. Suddenly Savin's stock collapsed; by the middle of last week its price had been cut nearly in half, to $27.25, and a modest rally brought it back only to $28 Friday. The drop was a classic case of how jittery stock traders can be panicked...
...rout was begun, quite unintentionally, by William E. Conway, president of Nashua Corp., of Nashua, N.H. Nashua and Savin both distribute plain-paper copying machines made by Ricoh Co. of Japan-Savin in the U.S., Nashua everywhere else except in the Far East, where Ricoh has its own sales force. Meeting with security analysts in Boston, Conway remarked that Ricoh might some day decide to set up its own sales system in the U.S. and other overseas markets...
John Hult, a former Rand Corp. scientist who heads his own firm, has a similar idea. He would like to wrap an Antarctic berg, mummy-fashion, in thick plastic and haul it to Southern California. Hult, who says he could do the job for a mere $30 million, calculates that he would lose only 5% of the berg's mass during the year-long trip. He would make up some of his immense costs by bottling a portion of the iceberg water in small flasks and then selling them as souvenirs for tourists. Says he: "The American public would...