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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).