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Like some who post to this board, I was a former employee at P&W/UTC. The military side of the P&W's balance sheet will get some boost from the current Iraqi conflict, but the commercial side will see a negative result short term and who knows how long thereafter.

There is a surplus of airplanes in the commercial fleet. I heard that four 747 400's were sold at fire sale prices of 50 million each. For comparison, a new Gulfstream business jet sells somewhere in the 30 to 40 million range.

We already know the bad news at United and American Airlines.

So there is a theory that P&W results will be negative to the point that UTC will not make it's projections. This will be the first time that this has happened in several years.

Any comments?

Jack

PS. I am long on UTC and have a considerable portion of my 401K in UTX (ESOP) preferred stock. So I am hoping for the best.
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