Piper Jaffray Sees Manufacturing Resiliency (APOG)

Piper Jaffray is seeing metal shipments and the strong ISM data, and pointing out the fact that the manufacturing data is proving to be resilient. In this report, Piper notes the impact on Apogee Enterprises, Inc. APOG. In a note to clients, Piper Jaffray writes, "Metal product rail shipments remained steady during the most recent week, coming in over 10k carloads for the 9th time in 34 weeks of data. The solid metal shipments combined with a favorable ISM report on Wednesday are the most recent signs of the resilient domestic manufacturing environment. The main ISM number (PMI Index) of 56.3 reversed the sequential declines experienced since the 60.4 high in April, while signaling expansion in the U.S. Mfg sector for the 13th consecutive month." Shares of Apogee Enterprises lost 3 cents yesterday, to close at $9.57.