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Current DateTime: 06:57:36 10 Nov 2009
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Current DateTime: 06:57:36 10 Nov 2009
LinksList Documentid: 30456179
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Trader Talk Video Gallery
Bob Pisani reports on the trading day from the NYSE
Assessing whether the rally is real or fake, with CNBC's Mary Thompson; Rick Bensignor, Execution LLC; Eric Ross, Canacc...
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.
Bob Pisani reports on the trading day from the NYSE
Getting more insight on the day's market action, with Brian Belski, Oppenheimer & Co.; Tim Speiss, Eisner Personal Wealt...
CNBC's Bob Pisani reports on the trading day from the NYSE.
CNBC's Bob Pisani reports on the trading day from the NYSE.

Trader Talk

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Jun.26
2:08 PM ET
Thursday, 26 Jun 2008
Global Growth Slowing And It Hurts

Stocks are weaker here today, and while I have enumerated many reasons (see my previous post), the main concern is that global growth appears to be slowing.

Here, you want to look at capital goods companies. In the last two days, two midcap companies have lowered their guidance:

1) Today Oshkosh[OSK  Loading...      ()   ], which makes heavy-duty vehicles for many commercial industries, talked about weak business here and overseas, with specific reference to softer conditions in western Europe, so companies that make any kind of heavy equipment are weak, including Terex[TEX  Loading...      ()   ], Caterpillar[CAT  Loading...      ()   ], Federal Signal [FSS  Loading...      ()   ], or heavy duty truck companies like Navistar [NAVZ  Loading...      ()   ]and Paccar[PCAR  Loading...      ()   ].

2) Yesterday Rockwell Automation, [ROK  Loading...      ()   ]makes factory automation systems, yesterday warned that business was slowing in the U.S. and Europe and lowered its fiscal year guidance, which ends in September.

This may not seem like a lot, but on the heels of warnings by UPS and other companies about suddenly slowing business in June traders are clearly nervous that more companies will be revising their earnings outlook downward.

And they are increasingly nervous about slower growth in Europe, as well as slower emerging market growth.

The comments from Oshkosh are particularly important, since they sell to many different industries, including the non-residential construction industry. Today stocks that have significant exposure to this area are also weak, including Tyco, United Technologies, Emerson, and H&E Equipment Services.

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Current DateTime: 02:47:39 10 Nov 2009
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