While much of the world was unwrapping shiny new electronics on Christmas morning, Japanese stereo maker Kenwood Corp. had a particularly good day on the Nikkei, but not because of Christmas sales. The strong showing — Kenwood's best one-day rise since Nov. 22 — was prompted by rumors in the Japanese press that it was near an agreement to buy a third of the Victor Co. of Japan aka JVC from parent Matsushita Electric Industrial, which does business as Panasonic. Kenwood, best known for car stereos, reportedly covets JVC for its home electronics namely TVs and DVD players. In addition, the JVC brand dates back 79-years, and therefore is better known than the Kenwood brand, which dates back only 46-years and is limited primarily to radios and stereos. JVC's sales have struggled over the last five quarters, which may explain the rumors. However, Matsushita issued a terse press release in English denying the reports. —Matthew Wurtzel
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