Markets

U.S. close in 3 hrs, 56 mins

DJIA

12,904.08

-88.58

0.68%

NASDAQ

2,512.90

-20.83

0.82%

S&P 500

1,416.47

-7.10

0.50%

10yr Note

100.625

0.4062

0.41%

FTSE 100

6,304.30

52.50

0.84%

Nikkei 225

14,219.48

-32.26

0.23%

Hang Seng

25,618.86

105.09

0.41%

Euro (in USD)

1.559

0.0148

0.96%

Yen (per USD)

103.74

-0.94

0.90%

Oil

126.50

2.65

2.14%

Gold

903.00

23.00

2.61%

BUSINESS NEWS

INVESTING

PERSONAL FINANCE

SMALL BUSINESS

Sector Wrap: Industrial machinery down following Fed report

AP ONLINE

Posted: 2008-04-17 14:03:29

NEW YORK (AP) - Shares of industrial machinery companies traded lower with the broader market Thursday after an index of manufacturing activity declined and a Credit Suisse analyst downgraded parts maker Illinois Tool Works Inc.

The Philadelphia Federal Reserve said regional manufacturing activity weakened in April, falling to negative 24.9 in April from negative 17.4 in March. A figure above zero indicates regional manufacturing is growing, while a number below zero indicates a decline.

It was the weakest result since 2001 for the barometer of new factory orders, shipments and employment in the manufacturing industry.

Meanwhile, Credit Suisse analyst Jamie Cook downgraded shares of Illinois Tool to ``Neutral'' from ``Outperform,'' a day after the Glenview, Ill., company reported a first-quarter loss that missed Wall Street expectations.

In the Thursday client note, Cook said investors are unlikely to be drawn to industrial companies during a period of economic uncertainty.

Shares of Illinois Tool fell $1.54, or 2.9 percent, to $50.99.

Other industrial machinery companies slipped on Thursday. Shares of Ingersoll Rand Co. lost 64 cents to $45. Shares of Pall Corp. were off 67 cents to $36.35. Shares of Robbins & Myers Inc. dropped 65 cents to $37.28. And shares of ITT Corp. shed 93 cents to $56.63.