Manitowoc Continues Slide Lower (MTW)
A day after sliding nearly 8% Manitowoc (NYSE: MTW) is continuing its downward trend today. Shares are down another 2% today to $9.93.
The company operates in two segments: cranes and foodservice equipment. The company's crane segment is highly cyclical and dependent on commercial construction and infrastructure. In recent weeks investors have been dumping "risky" industrial stocks amid worries about European debt levels and a slowdown in Chinese growth.
Manitowoc may be a good long-term bet on the global economic recovery, but near term it may be especially volatile until the economic recovery shows more strength.
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