Illinois Tool Works Slammed After Mixed Earnings Report (ITW)

Shares of Illinois Tool Works Inc.

are getting whacked this afternoon, after the company reported mixed earnings this morning. At last check, shares of the Glenview, Illinois-based company were down 5.7%. On a weak earnings release, Deutsche Bank cut its rating on the stock from "Buy" to "Hold." The company earned 83 cents per share, on revenues of $4.02 billion. Wall Street had been expecting earnings of 82 cents on $4.01 billion, but the guidance is what sent shares dropping. For the fourth quarter, the company now expects earnings of 74-82 cents per share, to go with revenue growth of 7-9%. For the fiscal year, ITW expects to earn between $2.99 and $3.07 per share. Analysts had expected the company to earn 79 cents next quarter, and $3.06 per share for the entire year. Illinois Tool Works manufactures a range of industrial products and equipment worldwide.