TDK Gains in Tokyo Trading as Investors Favor Job-Cut Plans
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TDK Corp., the world’s biggest maker of magnetic heads for disk drives, rose for the first time in three days in Tokyo trading on plans to cut about 12 percent of its workforce after profit plunged 74 percent.
TDK advanced 3.7 percent to 3,390 yen at the close on the Tokyo Stock Exchange. The benchmark Nikkei 225 Stock Average dropped 1.7 percent.