Thursday, September 4, 2008
TEX Cuts Guidance
TEX shares are down over 10% after the company cuts Q3, Q4, and FY08 guidance ahead of their analyst meeting at 9am ET. TEX sees Q3 EPS of 1.26-1.38 vs. street consensus of 1.58. TEX sees Q4 EPS of 1.20-1.33 vs. street consensus of 1.66. Ripple Effect: Farm Equipment peer group is indicated lower (CAT, DE, CMI, MTW). Second Derivative Effect: TEX news could be an overhang for the Fertilizer Sector (POT, MON, MOS, CF, AGU, TRA, IPI, BG).