By: Rob Wertheimer 

TEL is our first large cap report this quarter and highlights the risk for industrial (and auto…) earnings over the next few weeks. Operating results were only modestly below guidance, but order books were down a whopping 8% pointing to a weak fiscal 1H19 (Sept year-end). The culprit here is China, where orders are down 22%, and which saw deterioration across the board spanning auto, truck, automation, data/devices and appliances. The broadening of the weakness beyond auto is what concerns us the most for the rest of our coverage

TEL Report Here