Timken did something similar with its ball bearings that were first used in wagon wheels.

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Nevertheless, on a day where the stock markets essentially treaded water, Timken rose 3.4% on the news.

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At 30% of annual revenue, at five times my estimate of 2010 earnings and with a 4.75% dividend yield, Timken is too cheap.

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Timken Co. ( TKR - news - people ) (17, TKR) supplies bearings and specialty steels to markets that scare investors--including transportation, mining and aerospace.

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The forbidding-looking wheels, made by Timken, do away with tire and rim, instead moving on six pairs of polyurethane-covered steel rollers, each angled at 45 degrees to the wheel itself.

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First, half of what Timken does is marketing.

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Among the largest underlying components of FXZ, in trading today CF Industries Holdings Inc ( NYSE: CF) is off about 0.3%, LyondellBasell Industries NV ( NYSE: LYB) is down about 0.9%, and Timken Co. ( NYSE: TKR) is lower by about 0.2%.

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