Shares of machinery companies were trading lower Wednesday alongside the broader market after a government report showed demand for durable goods fell in February.
The Commerce Department reported Wednesday morning that orders for durable goods, or goods expected to last three or more years, fell 1.7 percent last month, the indicator's second straight monthly decline.
The continued downturn was yet another sign of further troubles in the economy, as energy prices continued their rise and the credit and housing markets showed further weakness.
The drop was more pronounced in some areas than in others. Demand for manufacturing equipment tumbled 13.3 percent, the largest on record. Demand for transportation equipment grew 0.6 percent after a 12.6 percent plunge in January.
Machinery company shares fell alongside Wednesday's drop in the Dow Jones industrial average, which slipped 120.89 points to 12,411.71 in early afternoon trading.
Diversified machinery maker Kubota Corp. fell 99 cents, or 3 percent, to $32.20.
Shares of Ingersoll-Rand Co. Ltd. lost $1.16, or 2.5 percent, to $43.92.
Industrial machinery company Actuant Corp. shed 73 cents, or 2.3 percent, to $30.69.
Shares of Bucyrus International Inc., a mining machinery firm, dropped 38 cents to $108.
Shares of cooking equipment maker Middleby Corp. rose $1.01 to $63.91.
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