U.S. manufacturer ITT Corp (ITT.N) plans to split itself into three companies to take advantage of growing water and industrial markets as its defense unit braces for U.S. military spending cuts. ITT shares rose as much as 18 percent on Wednesday, reaching their highest point since the fall of 2008. "We are theoretically at the beginning of a recovery in the commercial and industrial end markets, so the timing is good on that front," said Robinson Humphrey analyst Peter Skibitski.
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