Patriots File Brief Backing Tom Brady Bills, Whaley In Damage Control Mode Franchise Notes Raiders' Mark Davis Turns Attention To Las Vegas Bills Criticized Over New Restrictive Media Policy Coyotes Taking New Approach With Front Office MLB Now Investigating Padres Situation NHL Panthers Continue Front-Office Shakeup D-backs Lead MLB In Game Duration Mets Help Latino Players Earn Diplomas
Upcoming Conferences and Events
May 31 - Jun 2
ITT REPORTS BIG 4THQ GAINS; MSG DEAL DONE IN TWO WEEKS?
Published February 3, 1995
ITT's 4thQ profit "jumped" 39%, "driven by strong gains in the company's automotive and hotel businesses," according to Eben Shapiro in today's WALL STREET JOURNAL. The results exceeded Wall Street's expectations and ITT's stock rose $3.50 or 3.9%, to $92.50/share. ITT is in the midst of an "ambitious restructuring that analysts believe may lead to its being split into three separate companies based on its three broad business lines": insurance, manufacturing, and hotels and entertainment. ITT Chair/CEO Rand Araskog said a restructuring has the potential to "create a lot of happiness" among ITT shareholders. At a meeting with stock analysts, ITT said it may close its acquisition of Madison Square Garden, which includes the Knicks & Rangers, in a "week or two." ITT also recently completed its tender offer for Caesars World (WALL STREET JOURNAL, 2/3).