I was in Canton last week, and saw the large headlines in the Canton Repository - "Timken announces layoffs." The article indicated that Timken is taking agressive steps to be more profitable, and keeping costs under control. The company should be well positioned to make a comeback in early 1999.
I am a TKR hourly employee who has been with the company for 17 years. TKR is rapidly making changes to improve the companys profitablity, but I think this will not heal the stock price immediately. Inventories are high within the company which is creating the layoffs. As far as the fundamentals the company is sound and should start to improve mid-99. As a chartist all lows have to be retested usually, the 100 ma is acting as resistance and the 50 as support. After retesting I think it would be time to start getting positioned.