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April 2011

Recs

4

Northrop Grumman's Shipbuilding Spinoff

April 01, 2011 – Comments (2) | RELATED TICKERS: NOC

So yesterday Northrop (NOC) spun off Huntington Ingalls Industries (HII <-- not currently viewable/rateable in CAPs), which was their shipbuilding division.  HII opened at $38.45 and promptly shot up almost 8% by close to $41.50 on what I can only assume is a desire to own shiny "new" things.  This would give a market cap of $1.8 - 2.2 billion to what many articles were calling "Northrop's $6.7billion ship building unit."  I saw one anaylyst predicting HII had a fair value of $56/share... I have no idea how he came up with that number.  [more]

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