Since the takeover bid, ITT stock has generally traded in the high 50's, and yesterday it closed at $58.875 a share, down 25 cents, on the New York Stock Exchange.
"I had downgraded ITT stock when they bought Madison Square Garden because it reopened the question of what's its core business," said Jack Modzelewski of Paine Webber.
ITT stock surged $3.375 on the news to $69.875 and finished the week unchanged.
ITT stock closed at $42.625 a share on the New York Stock Exchange, but shot up to $58 in after-hours trading.
ITT stock gained $1.8125 a share yesterday, to $64.75, while Hilton closed at $31.75, down $1.
ITT stock surged $3.375 a share on the New York Stock Exchange, closing at $69.875.
Today's Columns ITT stock shot up 9 percent after comments on possible restructuring by its chairman.
ITT stock closed $1.875 higher, to $82, on the New York Stock Exchange.
"People have been asking us to project what would happen to ITT stock if Hilton dropped their bid," Mr. Vogel said.
Perhaps most indicative of that, said Harold Vogel, an analyst with Cowan & Company, was the disclosure that Hilton only owns 315,500 shares of ITT stock.
