Canon — Originally (1933) Precision Optical Instruments Laboratory the new name (1935) derived from the name of the company's first camera, the Kwanon, in turn named after the Japanese name of the Buddhist bodhisattva of mercy.
Intel — Bob Noyce and Gordon Moore initially incorporated their company as N M Electronics. Someone suggested Moore Noyce Electronics but it sounded too close to "more noise" — not a good choice for an electronics company! Later, Integrated Electronics was proposed but it had already been taken, so they used the initial syllables (INTegrated ELectronics). To avoid potential conflicts with other companies with similar names, Intel purchased the name rights for $15,000 from a company called Intelco. (Source: Intel 15 Years Corporate Anniversary Brochure).
Konica — it was earlier known as Konishiroku Kogaku. Konishiroku in turn is the short for Konishiya Rokubeiten which was the first name of the company established by Rokusaburo Sugiura in the 1850s.
Motorola — Founder Paul Galvin came up with this name when his company (at the time, Galvin Manufacturing Company) started manufacturing radios for cars. Many audio equipment makers of the era used the "ola" ending for their products, most famously the "Victrola" phonograph made by the Victor Talking Machine Company. The name was meant to convey the idea of "sound" and "motion". It became so widely recognized that the company later adopted it as the company name.
Nestle — named after its founder, Henri Nestlé, who was born in Germany under the name "Nestle", which is German (actually, Swabian diminutive) for "bird's nest".
Toshiba — named from the merger of consumer goods company Tokyo Denki (Tokyo Electric Co) and electrical firm Shibaura Seisaku-sho (Shibaura Engineering Works).