ITT Corp (ITT.N) plans to break itself into three companies as U.S. defense budget tightening threatens to cut into the manufacturer's profits, sending shares of the company up 18 percent in pre-market trading. Shareholders will own stock in all three companies, which are expected to be traded on the New York Stock Exchange. The move, which ITT announced on Wednesday, makes sense, Deutsche Bank analyst Nigel Coe wrote in a note to clients.
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