Detroit MLS Leaders Optimistic About Expansion Bid Rob Stone Calls Out Krafts Over Revolution Jeanie Buss Talks "Agonizing" Lakers Decisions Braves Increase Revenue, Post Operating Loss Dolphins Owner Holds Business Combine For Players Fan Clubs Prep For Atlanta United's MLS Debut Is Nationals-Boras Relationship Bad For Team? Heat's Woolworth Reflects On Club Diversity Spurs Provide Blueprint For Lakers' Rebuild Chris Ilitch Talks As New Tigers Owner
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).