Rockwell Ends In-Flight Network Investment

Rockwell International(ROK Quote) said Wednesday it expects second-quarter earnings will be in line with Wall Street's estimates. The company also said it will halt investments in its joint venture, the In-Flight Network, due to slower-than-anticipated market development.

The consensus of 10 analysts surveyed by Thomson Financial/First Call is that Rockwell, a supplier of electronic controls and communications, will earn 75 cents a share in the quarter, down 10 cents from the company's year-ago earnings of 85 cents a share.

The In-Flight Network, a 50-50 partnership with News Corp. (NWS Quote), was intended to bring broadband data services, such as live and prerecorded news, films and Internet and email services, to airlines. Rockwell said it will take a $16 million charge in its second quarter to reflect the discontinued investment.

Shares of Rockwell closed Tuesday at $36.55, and have a 52-week range of $27.69 to $49.45.