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TheStreet.com Ratings downgraded Cooper Industries(CBE Quote) to "hold." The company makes electrical products and tools internationally.
The numbers: Fiscal first-quarter revenue fell 19% to $1.3 billion as net income dropped 35% to $100 million and earnings per share declined 44% to 48 cents. Operating margin shed 522 basis points to 9.2% and net margin declined 196 basis points to 8%. The company's liquidity has improved since last year's first quarter as the cash balance grew 56% to $319 million. A quick ratio of 0.92 is less than ideal, but a debt-to-equity ratio of 0.5 is a sign of strength. A significant portion of Cooper's revenue is derived from new construction, which is experiencing further pain. But fundamentals are strong and the stock is cheap. ...
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