"The tailwind from the economic recovery is likely over." -- Siemens Finance Director Joe Kaeser (June 28, 2011)
Siemens is Europe's largest engineering conglomerate, and it is a bellwether for the German economy. The company manufactures everything from light bulbs to power plants, and its shares trade at only 11x earnings. This morning, Siemens cautioned that "the economic recovery is likely over," and its shares are down by nearly 4%.
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