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Textron Gains Amid Report of Review That May Include Spinoff
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Textron Inc. rose to a five-month high after Reuters reported the maker of Cessna planes and Bell helicopters is reviewing strategic options that may include spinning off some businesses.
The shares climbed 5.7 percent to $21.32 in New York, the highest closing price since Aug. 1. No strategy changes are expected soon, Reuters reported, citing people it didn’t identify. David Sylvestre, a company spokesman, declined to comment, citing a policy of not reacting to “market rumors.”