Recession Report Card

" Technology and financial earnings over the past few weeks as. Generally been lifting investors' fears for tomorrow we'll get a real tell a state of the economy as some of the top industrial name report industrial sector is still down on the -- so. What can you expect from names like three and and Danaher tomorrow joining us is top ranked industrials analyst Deane Dray an FBI our capital markets. A dean -- having here -- set thank you. Personal the you know the data points we've gone so far -- the industrial sector not. Stellar. Caterpillar revenues were down 41% even cut its forecast side Illinois Tool Works -- guided. Only took their quarters and visibility is too limited for the rest of the year out of GE it is the dot hill's business that was soft. What do you anticipating for the rest of the sector here."

" Interest seeing what you're seeing for the first time advertised on the green shoots but for the first time and I TW numbers today. They're pointing to incremental growth between the first quarter and second quarter surround and looking for a year over year growth. They're now talking about where's the incremental growth coming in the second quarter in the margin and lift that I TW I got was very impressive in -- in the stock price but the -- basically priced for perfection at this stage. So looking ahead for tomorrow. Everyone's looking yeah. War at organic revenue growth so for three. The big gas in the first quarter was down 20% we don't think it's going to be that bad. And more importantly it's weird do you want to be positioned. At this stage of the economic cycle we think investors need to be defensive early cycle names. And 3M is a prototypical. -- defense of psyched about something it's not very defensive but how about the how the auto industry in -- in this big expectation that the fourth quarter could start to see if nothing else an increase in production even. Mostly because we built on stocks at this point but that will trickle through the industrial world yet Tim that's a great point does the idea and selectively within a multi industry sector you can add exposure like -- and 3M has a significant. Only an aftermarket auto business of selectively to start getting that type of early cycle exposure we have great. So there and I just wrap this up Dina -- here at these levels absolutely and and Harriet and Danaher we have is our favorite market perform rating it is the more defensive name and that group's 40% of the portfolio. Is in businesses like water like medical tax and so from that standpoint it's also the best cash flow generator in the sector breaking it's great to have you with us anything about the --"