Though Hastings later announced that Netflix was canceling its plan to spin off its DVD unit, the stock carnage continued.
Northrop is slimming down on some of its least profitable operations, and could possibly spin out the entire unit which brought in just under one-fifth of revenues last year.
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The company may also spin off portions of that unit at a later date.
So HP intends to turn its PC business into a separate unit and then spin it off.
Analysts also say the favorable ruling should set Altria on a faster pace to spin off its Kraft Foods unit from the tobacco business.
The biggest controversy is whether Pfizer will spin off its established products unit, which sells generic drugs and branded medicines like Norvasc and Zoloft that have lost patent protection.
Altria, parent of Marlboro-maker Philip Morris, said the ruling could see it delay the spin off of its Kraft Foods unit.
Media giant Time Warner has announced plans to spin off its Time Inc magazine unit into an independent, publicly traded company by the end of the year.
Northrop wants to spin off or sell its shipbuilding unit, which despite having a huge backlog of work has struggled to match the returns in other areas.
Of course there are also rumors afoot that the AOL Time Warner merger has proved to be such a disaster that the company might be forced spin off the AOL Internet service unit, which is the company's most problematic division.
Instead, the company is making a number of moves to boost shareholder value, among other things declaring an annual dividend of 50 cents a share, and opting to spin off its stake in its Covisint unit to holders following a pending IPO of that business.
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The company acknowledged it needs to take significant steps to make the Nook unit profitable, or try to spin it off.
After testing private-equity interest in the shipbuilding unit, the company decided it made more sense to spin off the property to shareholders due to tax considerations.
This could result in the creation of a new internal business unit, or could go so far as the creation of a spin-off company.
Later this year, Merck expects to refile Arcoxia in the U.S. and either spin off or do an initial public offering for its pharmacy-benefits manager unit, Medco.
Analysts also say the favorable ruling should set Altria on a faster pace to spin off its Kraft Foods (nyse: KFT - news - people ) unit from the tobacco business.
The prof's New Economy spin was that frictional diminishing returns did not apply to software or Internet firms because of their tiny marginal unit costs.
Morale in the Discover Card unit, which Purcell created in the 1980s--and which Morgan Stanley now plans to spin off--is the highest it's been in five or six years, he said.
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