Hubbell Inc. (HUB.B)

Hubbell (<a href=http://www.zacks.com/stock/quote/hub.b>HUB.B</a>) reported third quarter 2008 results that exceeded both top and bottom line expectations. The good storm season was the primary driver of growth in the last quarter, although pricing actions and acquisitions also contributed. <p> The company is benefiting from restructuring actions, with management continuing to attribute some of the margin expansion to production efficiencies and improved cost management. The share price dropped sharply in September, but has stabilized since. <p> We tend to think that there could be further downside, given the recessionary macro economic trends and the positive correlation between Hubbell&#39;s growth and the growth of the national GDP. <p> Additionally, both residential and nonresidential construction activity appears to be slowing and could worsen in 2009. Consequently, we are reiterating our Sell recommendation.

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