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Technology Stocks : Eaton (ETN) is definitely not overvalued! -- Ignore unavailable to you. Want to Upgrade?

To: Grand Poobah who wrote (9)	8/16/1998 6:45:00 PM
From: Walter Morton	Read Replies (1) \| Respond to of 338

Did you read the letter from the Chairman?

To: Grand Poobah who wrote (9)	1/28/1999 12:01:00 PM
From: Walter Morton	Respond to of 338

Where the growth is coming from: biz.yahoo.com

To: Grand Poobah who wrote (9)	2/1/1999 2:39:00 PM
From: Walter Morton	Respond to of 338

S&P may cut Eaton rating, raise Aeroquip-Vickers Monday February 1, 1:29 pm Eastern Time S&P may cut Eaton rating, raise Aeroquip-Vickers (Press release provided by S&P) NEW YORK, Feb 1 - Standard & Poor' today placed its ratings on Eaton Corp. on CreditWatch with negative implications and its ratings on Aeroquip-Vickers Inc. on CreditWatch with positive implications (see list below). These actions follow Eaton's announcement today that it is acquiring all of the outstanding common shares of Aeroquip-Vickers for $58 per share in cash, or approximately $1.7 billion plus about $350 million in assumed debt. The transaction is expected to close in April 1999. Eaton is a diversified manufacturer of truck and automotive components and electrical control and power distribution products. Eaton also produces semiconductor equipment. Aeroquip-Vickers is a manufacturer of engineered components and systems for industrial, aerospace, and automotive markets. The combination will give Eaton an especially strong presence in mobile hydraulics. The combined company will have annual revenues of about $8.8 billion. Eaton will initially pay cash for Aeroquip-Vickers, and pro forma debt to capital is estimated to be in the mid 60% area. However, the company has indicated that it will issue equity to repay about 20% of the debt incurred to make the acquisition. Eaton has also indicated that it expects the acquisition to be neutral to earnings this year (excluding first-year transition costs) and that it expects to achieve synergies of about $120 million over time. Standard & Poor's will meet with management to discuss the transaction and the potential for debt reduction over the near to intermediate term. The rating review will also include an assessment of the company's financial and strategic goals, Standard & Poor's said. - CreditWire RATINGS PLACED ON CREDITWATCH WITH NEGATIVE IMPLICATIONS Rating Eaton Corp. Corporate credit rating A/A-1 Senior unsecured debt A Commercial paper A-1 Eaton Finance N.V. Senior unsecured debt* A Eaton ETN Offshore Ltd. Corporate credit rating A Senior unsecured debt A RATINGS PLACED ON CREDITWATCH WITH POSITIVE IMPLICATIONS Rating Aeroquip-Vickers Inc. Corporate credit rating BBB+/A-2 Senior unsecured debt BBB+ Commercial paper A-2 *Guaranteed by Eaton Corp. -------------------------------------------------------------------------------- Related News Categories: US Market News