Hold - Price 24.13 on Nov. 24
by Sterne Agee & Leach

CBE expects 4Q08 earnings per share to fall below its prior guidance range of 83 cents to 92 cents....We've reduced our 4Q08 EPS to 70 cents and our full-year '08 [estimated] EPS to $3.40 (from $3.58). We are reducing our 2009E EPS to $3.15 from $3.40 previously....CBE retains significant exposure to [North American] commercial and residential construction, which together account for an estimated 17% to 18% of CBE's sales. About 21% of sales are from Europe, which has also seen a significant downturn...the global credit freeze, dollar appreciation, customer destocking, ...and increased volatility of key commodity inputs have created difficult pricing environments...[leading] CBE to reduce production levels to avoid excess inventory build. Market cap: $3.8 billion.

well run consistent delivery of earnings

inherited but seems to be strong and good dividend

My father in law worked there

Date: 3-15-2007
Split ratio: 2-1

inherited

Downgraded by Prudential from Overweight to Neutral

Upgraded by CIBC Wrld Mkts from Sector Perform to Sector Outperform