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Industrials Got Way Ahead of the Downturn

By Jim Cramer

 About this article:
 New thesis: The garden-variety depression was all financial. But the actions of the companies to the depression were all drastic. Isn't that how Caterpillar just blew away numbers? Or how PPG Industries blasted its way higher? Or how United Tech is going to be just fine? Or how Eaton turned out to be unsinkable? Who knows what Ingersoll will do? Or Emerson , or Honeywell ? DuPont's typical. They took drastic action -- huge costs taken out -- and now many markets are showing improvement so the normalized earnings model for this company could understate dramatically what is about to happen in the future, particularly if the dollar were to continue to go lower. Companies didn't know what hit them when the Lehman depression began. They made a decision that we were going to have a long, hard depression where credit would not...

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