They write that Oshkosh has a lot of customers in cyclical industries, like construction.

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Fixed asset investment, for example, has weakened materially, while inventory conditions, particularly in cyclical industries, have deteriorated.

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They can endanger weak companies and firms in cyclical industries, which do not have stable cashflow to pay down the additional debt.

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There is good chance that growth industries will come back into favor this decade given the slow growing global economy and less opportunities for cyclical industries.

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These three outfits are in cyclical industries, but all of them have conservative balance sheets--SMC has nearly five times as much cash as debt, and Fanuc and Keyence are debt free.

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The 2000s favored cyclical industries including materials and financials.

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Dividend stocks in cyclical industries fared even worse.

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"He knows cyclical industries, " says Silverman.

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Following the U.S. debt downgrade, we see more cyclical technology industries, such as semiconductors and semiconductor equipment, as more vulnerable, reflecting greater macroeconomic uncertainties and potential challenges associated with supply-chain financing.

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"Some of these industries are cyclical, and people working in those industries understand that more so than the average investor, " says Christian Magoon, Claymore's president.

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