Sources: Chargers Expected To Move To L.A. In '17 Yanks Set To Benefit From New MLB CBA Losing Revenue Sharing Could Cut A's Payroll More 'Canes Allowed To Withhold Some Financial Figures TFC Becoming MLS' Premier Franchise? Rockets Hire E-Sports Front Office Exec Orioles To Keep Season-Ticket Prices Flat Blackhawks Reward Fans For Watching At Bars A's Ballpark Talks To Pick Up Pace With New CBA? 76ers Postpone Game Due To Moisture On Court
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).