|
TWST: How would you describe what you've seen so far in the industrial equipment
space?
Mr. Borland: It's been very, very choppy year to date. We've seen stocks bounce
all over the place. Really, there have been very few stocks that have hung in
there and not seen the volatility, but it varies each day how these stocks are
going to go. TWST: Why the volatility? That's not typical of this group, is it?
Mr. Borland: No, you are right. It's been a group that's been very easy to
understand. These guys have had steady revenue growth, single-digit organic
growth. They've been expanding overseas. They benefit from the plummeting
dollar; it opens them up to new geographic markets. Balance sheets have been
under control. But I think what you are seeing now is a concern about how things
in some key end markets are slowing, like commercial construction. You are
seeing some concern about raw material inflation and about the health of the
North American industrial economy.
Tickers included in this excerpt: AIN, AME, AOS, FELE, GGG, VMI
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
|
|
