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CIT Group (CIT)
Billionaire investor Carl Icahn offered to underwrite a $6 billion loan to CIT Group Inc. on Monday, complaining that a proposed solution hammered out by the cash-strapped century-old commercial lender and its largest creditors is too expensive and detrimental to CIT's smaller bondholders.
In a blistering letter to CIT's board, dated Oct. 19, Icahn, who refers to himself as CIT's largest creditor, said the company is "shamelessly" offering to sell certain large bondholders $6 billion of secured loans "well below their fair market value."
Oct 19 · 12:05:00 PM · Source: Wall Street Journal
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by Larry Etter
Eaton (ETN)
Eaton Corp. reported a 39% drop in third-quarter profit, as cost cuts failed to offset the impact of the auto-industry slump.
But the maker of electrical systems and hydraulics boosted its full-year earnings view, as the results topped its target. The company had slashed its 2009 projection in July.
Oct 19 · 9:36:00 AM · Source: Wall Street Journal
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by Larry Etter
Sprint Nextel (S)
Sprint Nextel Corp. (S) agreed to acquire affiliate iPCS Inc. for $426 million, the last of the major independent affiliates of Sprint, in a deal that will also end their legal battle.
IPCS had been arguing that Sprint's 2005 acquisition of Nextel violated an exclusivity agreement with iPCS, which is the Nextel affiliate in the territories in which it operates. IPCS has some 700,000 customers in seven states.
Oct 19 · 9:34:00 AM · Source: Wall Street Journal
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by Larry Etter
Gannett (GCI)
Gannett Co.'s third-quarter profit tumbled 53% amid an advertising slump, but the newspaper publisher's results beat its heightened expectations, helped by cost cuts.
Advertising down, but company did a good job of managing costs.
Oct 19 · 9:28:00 AM · Source: Wall Street Journal
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by Larry Etter
GE (GE)
GE Consumer & Industrial's electrical business recently signed a "strategic alliance agreement" with Validus DC Systems, LLC, a leading provider of fully integrated Direct Current (DC) power infrastructure for datacenters and telecommunications facilities, to promote the new Validus DC Data Center System using advanced GE electrical components.
In addition to providing improved end-to-end reliability, the new system can lower facility costs for equipment, real estate and energy, effectively reducing the total cost of ownership by 30 to 50 percent.
Oct 19 · 9:23:00 AM · Source: Business Wire
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by Larry Etter
NCR Corp. (NCR)
NCR Corporation (NYSE: NCR) today announced that ING Belgium has chosen the NCR SelfServTM 34 automated teller machine (ATM) with cash-recycling module to equip its new-concept Proxi branches.
The Proxi branch concept is part of ING Belgium’s retail bank strategy, unveiled in 2007 and driven by changes in customer expectations and habits, particularly the trend towards electronic channels. Proxi branches have an attractive open-plan layout with a fresh design and no counters or security glass, in order to facilitate interaction between customers and bank staff.
Oct 19 · 9:21:00 AM · Source: Business Wire
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by Larry Etter
ITT (ITT)
ITT Corporation (NYSE: ITT) has been awarded a $72 million Indefinite Delivery, Indefinite Quantity (IDIQ) contract for its Aviator’s Night Vision Imaging Systems, night vision tubes and spare parts.
With this most recent award, ITT remains the sole supplier of aviation goggles and tubes to the U.S. Army.
Oct 16 · 4:32:00 PM · Source: Business Wire
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by Larry Etter
ITT (ITT)
ITT Corporation (NYSE: ITT) has been awarded a $19.3 million delivery order from the U.S. Army’s Research Development & Engineering Command Acquisition Center under the OMNI VII contract for AN/PVS-14 night vision monocular devices – ITT’s most popular and utilized night vision goggle. Eighty percent of these goggles are destined for the U.S. Air Force with the remaining quantities for the U.S. Navy and U.S. Army.
Oct 16 · 4:30:00 PM · Source: Business Wire
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by Larry Etter
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