Timken (TKR) falls more than 1% for the second day in a row after the company sends letter to...

|About: Timken Co. (TKR)|By:, SA News Editor

Timken (TKR) falls more than 1% for the second day in a row after the company sends letter to shareholders encouraging them to vote against a proposal to spinoff the firm's steel business. In the letter, Timken says CalSTRS and Relational Investors' plan to split the company is "misguided" and would only create "illusory short-term gains through financial engineering."