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These 2 Stocks Could Tumble as Oil Prices Fall (Surprise: They're Not Oil Stocks) 景氣不樂觀!By Neha Chamaria | More Articles | Save For Later
December 4, 2014 | Comments (0)
If you're a Caterpillar (NYSE: CAT ) or Manitowoc (NYSE: MTW ) investor, brace for a tough time ahead. The sharp slump in oil prices may have sent energy investors scurrying for cover, but you could lose big too as an investor in either of these heavy-machinery stocks. And it could get pretty ugly. I'll tell you why.
Manitowoc is already feeling the heat
Why should lower oil prices hurt a company that specializes in cranes and foodservice equipment? Diversity is to blame.
Despite strong U.S. construction markets, Manitowoc's crane sales slipped nearly 9% year over year during the nine months through September, thanks to weak demand for rough-terrain cranes and boom trucks. These off-road crane products are primarily used by refineries and petrochemical plants for energy projects. While Manitowoc cranes serve several end markets, energy ranks among its primary markets, as evidenced below.
Data source: Manitowoc Presentation at Robert W. Baird Industrial Conference, November 2013. Chart by author.
Sluggish demand from the oil and gas industry has already been exerting pressure on Manitowoc's top line for some quarters now. If oil companies hold back projects, rough-terrain crane sales could screech to a halt, leaving Manitowoc in a lurch.
http://www.fool.com/investing/general/2014/12/04/these-2-stocks-could-tumble-as-oil-prices-fall-sur.aspx
The Manitowoc Company, Inc. (MTW) is a multi-industry, capital goods manufacturer. MTW operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications. Its Crane products are marketed under the Manitowoc, Grove, Potain, National, Shuttlelift, Dongyue, and Crane Care brand names. In January 2014, Manitowoc Co Inc completed the sale of its 50% interest in its Chinese joint venture Manitowoc Dong Yue Heavy Machinery Co., Ltd. Effective June 26, 2014, Relational Investors LLC acquired an 8.517% interest in the MTW.
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