Terex , a maker of aerial work platforms and construction and mining equipment, has plunged, losing nearly half its value in the past month. At 19, it trades for just three times estimated 2008 earnings. Next year is apt to be weaker, but the valuation is awfully low for a well-managed company that Barron's favorably profiled this year with the stock at 55.

But look at a Terex (TEX), which had a 7 multiple -- we know that even a 5 multiple might not hold. And without new money, or takeover money, or a sense that the selling has at last exhausted itself, we can't bet on a commodity/industrial stock bottom despite the humongous selling we have experienced.

We need reasons to buy other than "stocks are down," and we are curiously out of reasons for the most hard-hit names, because we now worry that we could be buying Terex (TEX) or Ciena (CIEN).

part of portfolio

The maker of tractors, cranes and other construction equipment announced that its board increased their buyback plan by $500 million. With this additional buyback, the company is now authorized to repurchase as much as $1.2 billion in common stock. TEX still maintained their expiration date of June 30, 2009.

The Westport, Conn. based company has repurchased $362 million in stock as of June 30, 2008.

"This action represents the second step-up in our share repurchase program since the program began. We continue to believe that investing in our shares provides an attractive return," said Ronald M. DeFeo, Chairman and CEO of Terex.

On April 24, 2008 Terex issued first-period results with profit soaring 43%. Net income came in at $163.3 million or $1.59 a share, up from $113.8 million or $1.09 a share in the year earlier period. The results, which shattered analysts’ expectation, were attributed to overseas strength in demand for aerial platforms and cranes.

Wachovia, who has an outperform rating on the stock, issued a positive note saying the buyback acts "as a potential defense against the significant selling pressure the stock has experienced." They feel Terex should be trading between $56 and $59, representing approximately 15% upside from current prices.

Terex , a maker of aerial work platforms, cranes, construction and mining equipment, can't get much of a break from investors. It reported a 40% rise in second-quarter net income Thursday, to $2.32 a share, beating the consensus estimate by 32 cents, while reaffirming '08 guidance for about $7 in profits. Despite this, the stock closed the week at about 49. Terex trades for seven times this year's earnings, making it one of the cheapest industrial stocks in the market.

The maker of tractors, cranes and other construction equipment announced that its board increased their buyback plan by $500 million. With this additional buyback, the company is now authorized to repurchase as much as $1.2 billion in common stock. TEX still maintained their expiration date of June 30, 2009.

The Westport, Conn. based company has repurchased $362 million in stock as of June 30, 2008.

"This action represents the second step-up in our share repurchase program since the program began. We continue to believe that investing in our shares provides an attractive return," said Ronald M. DeFeo, Chairman and CEO of Terex.

On April 24, 2008 Terex issued first-period results with profit soaring 43%. Net income came in at $163.3 million or $1.59 a share, up from $113.8 million or $1.09 a share in the year earlier period. The results, which shattered analysts’ expectation, were attributed to overseas strength in demand for aerial platforms and cranes.

Wachovia, who has an outperform rating on the stock, issued a positive note saying the buyback acts "as a potential defense against the significant selling pressure the stock has experienced." They feel Terex should be trading between $56 and $59, representing approximately 15% upside from current prices.

From a recent Mad Money show:

"This one shouldn't be this low. I think it should be bought, I think it's come down too much. I like Caterpillar (CAT) more but Terex is a buy."

farming

P/E trails that of competitors

I had purchased at about 90.0 and watched it just tumble

Construction & Farm Macinery