ITW reported third quarter earnings of $419.3 million which translates to 83 cents per share. This was a significant increase from q3 of last year which had earnings of 60 cents per share. the stock beat consensus street estimates by a penny. Despite narrowly beating expectations the stock took a major hit last week when it was downgraded by Deutsche Bank from a buy to a hold. Deutsche lowered their 12 month price target from $59 to $54.