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ITT Corp.

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FBR Capital Markets downgraded the diversified manufacturer to “underperform” from “market perform,” citing weakness in its main businesses in Europe and China. FBR lowered its estimate for ITT’s 2012 earnings to $1.55 per share from $1.70. In May, ITT had forecast adjusted earnings of $1.62 per share to $1.72 for the year.

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