Conglomerates Sector Review: ITT Forecasts, 3M Backs Down
ITT Corporation (NYSE:ITT): Sees FY12 revenue up 5%-7% including expected market share gains as well as the impact of late-cycle strength in oil and gas and mining; consensus is $2.26B. The company also expects emerging markets growth will be approximately 10% driven by oil and gas in the Middle East and in South America, automotive gains in China and new global platforms and products. As a result, ITT expects solid adjusted segment operating margin growth of 40 basis points as productivity offsets additional costs related to the spin and drives incremental investments.
The shares closed at $24.95, up $1.6, or 6.85%, on the day. Its market capitalization is $2.31 billion.
General Electric Company (NYSE:GE): A U.S. appeals court told the International Trade Commission to review whether Mitsubishi Heavy violated General Electric’s (NYSE:GE) rights under a patent related to wind turbines, while affirming a decision that there was no infringement of a second patent, reported Bloomberg.
The shares closed at $19.05, down $0.11, or 0.57%, on the day. Its market capitalization is $201.57 billion.
3M Company (NYSE:MMM): 3M Company has withdrawn a lawsuit it filed in a New York court against Harvey Boulter, the CEO of investment fund manager Porton Group.The termination of 3M’s lawsuit in New York follows a decision earlier this month by a Washington DC federal judge ruling that 3M’s “blackmail” claim against the Porton Group’s Washington DC attorney was invalid.
The shares closed at $87.60, down $0.17, or 0.19%, on the day. Its market capitalization is $60.84 billion.
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