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Technology Stocks : C-Cube -- Ignore unavailable to you. Want to Upgrade?

To: stak who wrote (36770)	10/16/1998 7:45:00 AM
From: Helios	Read Replies (1) \| Respond to of 50808

Toshiba may go on a buying spree with this money. Toshiba sells 4.55 mln shares in Time Warner biz.yahoo.com TOKYO, Oct 16 (Reuters) - Toshiba Corp said on Friday it had sold 4.55 million shares in Time Warner Inc (NYSE:TWX - news) for about $780 million. Before the sale Toshiba had held a total of 5.25 million shares in Time Warner. The sale, completed on Thursday, lowers Toshiba's ownership in Time Warner to 0.2 percent, or 700,000 shares, from 1.7 percent, a spokesman said. Toshiba has not decided how to use the money raised by the sale, the spokesman said. In September, Toshiba revised its first-half forecast to a parent current loss of 5.0 billion yen, from a May forecast of a 10 billion yen profit. It recorded an actual 25.40 billion yen H1 profit last year. The revision was due to sharp price erosion in 64-megabit DRAMs and poor demand for chips for consumer products due to Asia's economic crisis. In September, Toshiba said it expected its group operating profit to fall to 70 billion yen in the year to March 1999 from an actual 82.29 billion yen a year earlier. It also planned to cut its staff of 66,500 by 6,500 by March 2000.