Ingersoll-Rand Shares Dive on Strong Dollar and Weak Sales
Shares of Ingersoll-Rand (NYSE:IR) are diving today after the company stated that it is having trouble selling its security systems to companies, and that its financial results are being affected by the US dollar’s strength against the euro. (See here for a plot of the Euro-USD relationship over the past quarter. A downward trend in the Euro:USD relationship indicates a strengthening US dollar.) Competitors whose stocks are also declining today include Lennox International Inc. (NYSE:LII), REGAL-BELOIT CORPORATION (NYSE:RBC), Flowserve (NYSE:FLS) and SPX Corporation (NYSE:SPW).
Following is some information about these companies’ stock price performance:
- Ingersoll-Rand (NYSE:IR): The shares recently traded at $26.65, down $5.31, or 16.61%, on the day. The shares have traded in a 52-week range of $26.13 to $52.33 and its market capitalization is $8.81 billion. About the company: Ingersoll-Rand PLC is a diversified, global company that provides a diverse range of products and servcies for a wide range of industries. The Company’s operations consist of air conditioning systems and services, climate control technologies, industrial technologies and security technologies.
- Lennox International, Inc. (NYSE:LII): The shares recently traded at $26.76, down $2.20, or 7.59%, on the day. The shares have traded in a 52-week range of $24.37 to $54.10 and its market capitalization is $1.42 billion. Lennox International, Inc. provides climate control solutions in countries located around the world. The Company designs, manufactures, and markets heating, ventilation, air conditioning, and refrigeration equipment. Lennox markets its products under brand names such as Lennox, Armstrong Air, Ducane, Bohn, Larkin, Advanced Distributor Products, Service Experts and others.
- REGAL-BELOIT CORPORATION (NYSE:RBC): The shares recently traded at $46.55, down $2.49, or 5.08%, on the day. The shares have traded in a 52-week range of $46.39 to $76.65 and its market capitalization is $1.79 billion. Regal-Beloit Corporation manufactures a line of mechanical products that control motion and torque and electrical products such as motors and generators. The Company’s products include gearboxes, automotive transmissions, rotary cutting tools, electric motors, and electric generators. Regal-Beloit sells its products to distributors, original equipment manufacturers, and end users.
- Flowserve (NYSE:FLS): The shares recently traded at $74.87, down $3.73, or 4.75%, on the day. The shares have traded in a 52-week range of $72.88 to $135.72 and its market capitalization is $4.18 billion. Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment throughout the world. The Company provides pumps, valves, and mechanical seals primarily for the refinery and pipeline segments of the petroleum, chemical processing, power generation and water treatment industries.
- SPX Corporation (NYSE:SPW): The shares recently traded at $45.81, down $2.18, or 4.54%, on the day. The shares have traded in a 52-week range of $44.83 to $87.13 and its market capitalization is $2.34 billion. SPX Corporation is a global provider of technical products and systems, industrial products and services, service solutions, and vehicle components. The Company designs, manufactures, and markets data networking equipment, fire detection equipment, power transformers, TV and radio broadcast equipment, and a variety of specialty tools, equipment, and services.
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