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Ingersoll-Rand (IR -7.8%) trades lower after it beat previously lowered Q3 estimates, but sales...

Ingersoll-Rand (IR -7.8%) trades lower after it beat previously lowered Q3 estimates, but sales slumped 63% Y/Y, largely due to continued weakness in the U.S. housing market. The company also cuts FY11 guidance - for the second time this month - citing deteriorating business conditions in its residential-products line, which includes Trane and American Standard brands of heating and air-conditioning equipment and Schlage door locks.
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