Word: slump
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...tide of imports has badly hurt domestic production. Along with its fourth-quarter figure, the Commerce Department announced last week that growth in the gross national product was a sluggish 2.5% in 1986, the lowest rate since the 1981-82 recession. The slump in the dollar's value, though, could prove to be less than a cure for that malaise. As the dollar falls and import prices rise, U.S. inflation could be rekindled. That in turn could lead to an increase in U.S. interest rates, which would hardly stimulate the economy and might blight the stock market's further advance...
...Horvitz, a professor at the University of Houston, called the deals a "vote of confidence in the Texas economy." Still, their success is not assured. Said Mark Alpert, a banking analyst at Bear, Stearns, a New York City investment firm: "Nobody really knows where the bottom of the Texas slump might...
...lines of business are lagging. AT&T lost between $700 million and $1 billion this year on sales of computers and large computerized phone systems. The firm's 7300 series personal computers and its Unix computer operating system, which were introduced in 1985 just as the industry-wide computer slump was deepening, are still selling slowly. In addition, the phone- rental business has been weakened. During the past two years, as business and residential customers returned their rented AT&T phones to the company in favor of buying their own equipment, often from other suppliers, the firm's rental income...
Perhaps the most surprising sign of Japan's new hard times is the slump in the electronics industry. For the six months that ended Sept. 30, Toshiba's pretax profits plunged 80% from the same period in the previous year. At Fujitsu, Japan's top computermaker, profits fell 79%. Nihon Keizai Shimbun, Japan's leading business newspaper, last month reported that for the first time since 1975, Hitachi, Mitsubishi Electric and Fuji Electric planned temporary layoffs, shocking workers and managers in the industry. The companies denied the report, but rumors persist. Says Daisaku Kodama, an Osaka-based subcontractor for Matsushita...
...what many considered another stock-trading outrage. Prior to the Nov. 14 announcement of his penalties, Boesky had been allowed by the federal regulators to unload quietly some $440 million in stocks from the estimated $2 billion worth of portfolios he controlled. In effect, Boesky avoided the market slump caused by the news of his own spectacular downfall. Steamed one senior Wall Street trading executive: "This was the ultimate insider deal." Raged another investor: "It's incredible! This guy was allowed to protect himself while the rest of us had to take a hit for being honest...