Gill, Dalton, Walsh (212) 829-5483
Trader Commentary
Many of the leveraged materials stocks were for sale again yesterday on the back of the disappointing data out of existing home sales data as people lighten up on the global recovery trade. CRH led the materials stocks lower. CRH was downgraded this am to to neutral from buy at Bank of America. Also this am UBS lowers estimates on MLM and VMC. This am GBX announced that they are in discussions with their top marine customer (represents 85% of marine backlog) which may result in major modification or cancellation of the backlog. Lufthansa saying intercontinental airline mergers to increase next year as companies seek higher margins. Volvo truck deliveries were up 62% y/y in July. PACR initiated overweight at Stephens this am.
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