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ITT Corp. may sell all or part of its World Directories telephone-book publishing business to either GTE Corp. or BellSouth Corp. as part of its plan to thwart a takeover by Beverly Hills-based Hilton Hotels Corp., said sources familiar with the company’s negotiations. . . . Pomona-based Hot Topic Inc. said its net loss for the first quarter was reduced to $110,000, or 2 cents a share, compared with $168,000, or 5 cents, in the year-ago quarter. . . . El Segundo-based Peerless Systems Corp. reported first-quarter net income of $795,000, or 7 cents a share, up from $75,000, or 2 cents, in the year-ago period.