Graham leads Buffalo stocks in declines as index falls
NEW YORK (Bloomberg) — Buffalo stocks fell for the first time in three weeks, led by Graham Corp. and FMC Corp.
The Bloomberg Buffalo Index dropped 1.33, or 0.6 percent, to 229.48. Twenty-eight stocks fell while 21 rose. The index has declined 12 percent this year.
Graham, the Batavia-based maker of vacuum and heat-transfer equipment, fell $5.93, or 6.7 percent, to $82.28. Sidoti & Co. analyst James Bank on July 23 reiterated his “maintain” rating with a target price of $84, which was below the price at the beginning of the week.
FMC, the sole U. S. maker of carbofuran insecticide, declined $5.62, or 7.9 percent, to $65.56. The company may lose some profit because of a proposed U. S. ban on the bug killer, Banc of America Securities’ Kevin McCarthy and other analysts said today.
The Bullfinch Fund’s Unrestricted Series fund rose 5 cents to $13.21. Its Greater Western New York Series fund rose 35 cents to $13.29. Moog Inc., an industrial-equipment company, led companies that advanced, climbing $4.95, or 12 percent, to $44.95. The company forecast 2009 sales above analysts’ estimates.
