Word: fujitsu
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After a calm morning, a rumor wafts through the exchange: Iran is about to accept a cease-fire in its gulf war with Iraq. High-tech stocks like Matsushita and Fujitsu take off. But the Japanese government cannot confirm the report, and stocks retreat. In the final hour, a wave of panic selling drives the index down by 1203.23 points, to 23,201.22. It is Tokyo's second worst one-day beating ever...
...sanctions to be harsh, the Administration carefully aimed them at the offending Japanese companies rather than U.S. consumers. Most of the products -- among them computer disk drives, refrigerators and electric motors -- are manufactured by the same giant corporations that the U.S. accuses of violating the semiconductor agreement: NEC, Fujitsu, Hitachi and others. Because the proposed 100% duties would effectively double the U.S. prices of those items, the Administration avoided choosing products in which Japan has a near monopoly, as in the case of videocassette recorders. The sanctioned products are manufactured by enough companies in the U.S. and other nations that...
...real worry about Fujitsu's bid was economic. U.S. manufacturers feared that the Japanese behemoth (1986 sales: $9.4 billion) would use Fairchild's U.S. distribution network to flood the American market with cheap microchip products. That view was underscored last week by a Commerce Department review that accused Japanese semiconductor producers of selling chips below market prices...
...part, Fairchild President Donald Brooks now says the company's managers will buy control of the firm. He proposed cooperation with Fujitsu on technology development and manufacturing in the U.S. and Japan, as well as an exchange of rights for new and existing products. Brooks excluded Fairchild's distribution network from any such cooperation...
...torrent of technology is turning the plain old telephone and its push- + button heirs into sophisticated electronic instruments. Among other things, they block out unwanted calls and listen to voice commands. -- Fujitsu drops its bid for Fairchild. -- Wall Street' s spreading scandal fells Stock Trader Boyd Jefferies. -- Independent filmmakers steal the scene in Hollywood...