Illinois Tool cuts profit view

The fasteners and fastening tools maker cut its Q2 earnings per share forecast to 95 cents-$1.01, below its earlier view for 99 cents-$1.05 on $4.77 bil-$4.89 bil sales. Analysts see $1.04 EPS on sales of $4.77 bil. The company adjusted its outlook to account for the planned sales of 3 businesses and the effects of a $550 mil stock buyback. Illinois Tool Works (ITW) sees full-year EPS of $4.08-$4.26 on sales growth of 16%-18%, implying sales of