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.
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.

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