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Toshiba Shares Jump Over Rumors They Will Supply Liquid Crystals To Apple

Shares of Toshiba Corp. registered a four percent jump on Wednesday following a report claiming that Toshiba would be the sole Japanese supplier of liquid crystal panels for Apple products.

Earlier, there was speculation in the Japanese media (opens in new tab)that Apple was planning to invest in both Toshiba and Sharp Corp, also based in Japan (Y100 billion on each), for the production of their LCD panels.

But the recent report published in Japanese daily The Nikkan Kogyo Shimbun revealed that Sharp Corp has been dropped from the project by the American tech firm, making Toshiba the sole Japanese supplier of the product. If the report is true, then it is logical to expect that Toshiba will see a sharp increase in its revenues in near the future.

Sharp Corp shares dropped almost 2.7 percent after the Nikkan Kogyo report. Sharp Corp released a statement claiming that the newspaper report was incorrect and that they would one of Apple's liquid crystal suppliers. The statement also asked the newspaper to restract the story.

Nikkan Kogyo Shimbun refrained from commenting on the issue, as did the spokesman for Toshiba’s LCD display unit.