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Thu, Apr 09, 2009

Textron Sale Rumors Fuel Stock Price Rebound

Speculation Says Lockheed, Raytheon Could Be Potential Bidders

Textron's stock price remained buoyed at Wednesday's market close by rumors the company could soon be sold.

After soaring 9 percent on the rumor to close at $9.02 Tuesday on double its average volume, TXT gained another 1 percent Wednesday to finish at $9.11.

A deep recession is a great time to buy if you have cash. Over the past year, the stock has been as high as $65... and as low as $3.57. But who fits that profile? The Wichita Eagle reports the rumor mill has Lockheed Martin and Raytheon making the move. Analysts say, doubtful.

Textron may have unwittingly fueled the rumors with its announced strategy of thinning non-core industrial businesses to generate cash, and its recent cutbacks at Cessna.

Cowen and Company analyst Cai von Rumohr -- yes, that's his real name -- calls Cessna and Bell Helicopter Textron's "crown jewels." He tells the Eagle, "I think they don't want to sell any of their aerospace businesses. I'm pretty sure they're going to sit and wait and not make a move."

But, he adds, "It's not to say it couldn't happen at some point."

FMI: www.textron.com, www.cessna.com

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