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Textron: First TARP recipient from defense sector |
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| Feb 27, 2009 02:50 PM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: Bad news, Short stories, Stocks to Sell, Financial Crisis  Three products that are probably bad bets in this environment are private jets, helicopters and golf carts. Add in a large captive finance arm and an auto parts unit and you have Textron (NYS: TXT), the latest hobgoblin to join the dividend slasher parade and corporate Deathwatch. The Piqqem Sentiment on Textron is hard negative. The good folks at Ockham's Research hammer home these points and more.Textron has had trouble in the past accessing commercial paper markets (and it's surely not having trouble now, right?) and raising equity capital. More than 50% of the assets on the books of its captive finance arm are non-performing and that could worsen as more companies that owe it money start to tip over in the various blighted industries it services. Add a slashed dividend to spook value and institutional investors. The upshot? Textron is basically ready to keel over, unfortunately. Continue reading Textron: First TARP recipient from defense sector Textron: First TARP recipient from defense sector originally appeared on BloggingStocks on Fri, 27 Feb 2009 09:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments
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