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Closing Glance: Construction Ends Lower



By AP
14 April 2008 @ 04:57 pm EST

NEW YORK - Shares of construction and engineering companies finished lower on Monday after the broader market edged down, following disappointing earnings from U.S. bank Wachovia Corp. and Dutch conglomerate Royal Phillips Electronics NV.

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Quotes
WB 5.25 -0.53
PCR 17.56 -3.48
FWLT 27.48 -1.52
GVA 25.71 -2.38
VMC 59.83 -1.4

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Adding pressure was a downgrade of contractor Perini Corp. from BMO Capital Markets analyst Avram Fisher, who cut the company's rating to "Market Perform" from "Outperform," saying it overpaid for its purchase of privately held Tutor-Saliba Corp.

Here's how some construction and engineering companies closed:

Perini Corp., down $3.86, or 9.9 percent, to $35.36.

Foster Wheeler Ltd., down $2.03, or 3.4 percent, to $57.07.

Granite Construction Inc., down 51 cents, or 1.6 percent, to $32.12.

Vulcan Materials Co., down $2.57, or 3.6 percent, to $68.20.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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