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Olympus shares fall sharply
Shares of Japan's Olympus, a pioneer in lightweight SLR cameras, fell sharply Tuesday after announcing a lower profit outlook tied to the yen's strength and falling prices. The company reported over $850 million in profit in the last nine months, but that was not enough to satisfy investors who sent the stock to its worst day in six years. Olympus, also the world No.1 in medical endoscope production, fell over 13%, the biggest drag on the Nikkei average. Other digital camera makers like Canon have warned of slowing U.S. demand, while Olympus has two large factories in China and hopes for buying tied to the Beijing Olympic games later this year. Shares of the Tokyo-based Olympus have declined over 30% since last October, hitting a year low Tuesday. Dan Sloan reports. COMPANIES MENTIONED: SYMBOLS:
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Added: Feb 5, 2008 |
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