Ahead of the Bell: Diversified manufacturers

An analyst Thursday cut earnings estimates on 19 diversified manufacturers because of slowing global growth, a stronger dollar plus some regional weakness in the end markets of truck and car makers as well as nonresidential construction.

KeyBanc analyst Jeffrey D. Hammond also cited such "macroeconomic crosscurrents" in downgrading three of those 19 companies: Eaton Corp., Harsco Corp. and Wabco Holdings Inc.

"We believe a moderation in growth in international markets, most notably Europe, and foreign exchange translation headwinds present earnings risk into 2009 not currently captured by consensus estimates," he wrote in a note. "A slower NAFTA truck recovery than previously expected (for Eaton and Wabco) and near-term steel production curtailments (for Harsco) present additional emerging headwinds to earnings momentum."

Besides the three companies whose shares were downgraded, the analyst cut earnings estimates on Altra Holdings Inc.; AO Smith Inc.; Actuant Corp.; Barnes Group Inc.; Crane Co.; Gardner Denver Inc.; Graco Inc.; Ingersoll-Rand Co.; Kaydon Corp.; Lincoln Electric Holdings Inc.; Lennox International Inc.; Parker Hannifin Corp.; Regal-Beloit Corp.; Robbins & Myers Inc.; RBC Bearings Inc.; and Watts Water Technologies Inc.