On October 31, 2011, ITT Corporation (NYSE:ITT, $18.80, Market Cap: $1,742 million) completed the spin-off of its Water business, Xylem (NYSE:XYL, $27.31, Market Cap: $5,052 million) and Defense business, Exelis (NYSE:XLS, $11.70, Market Cap: $2,165 million). On November 1, 2011, ITT (post 1:2 reverse split), Xylem and Exelis began trading on a regular way basis on the NYSE under the tickers ITT, XYL and XLS respectively. In this note, we provide an update on the 3Q11 earnings and the probable impact of S&P Index changes.

WHITE PLAINS, N.Y., April 21-1997 /PRNewswire/ -- ITT Industries, Inc.

(NYSE: IIN) and Goulds Pumps, Incorporated (Nasdaq: GULD) announced today that both companies' boards of directors have approved a definitive agreement under which ITT Industries will acquire Goulds for $37 a share or approximately $815 million in cash, plus assumption of $119 million of Goulds' debt.  Under the agreement, a cash tender offer will be commenced by a wholly owned subsidiary of ITT Industries no later than April 25, 1997 to acquire all of the outstanding shares of Goulds.