UPDATE 1-SPX Corp profit falls by more than half

Newswire

* EPS of 68 cents down from $1.73 a year ago * Revenue down 21 percent * Cuts full year earnings target to $4-$4.30/shr BOSTON, July 29 (Reuters) - SPX Corp's net income fell by more than half amid weak demand for its equipment used in power plants and auto repairs. The diversified U.S. manufacturer also cut its earnings forecast for the year. The company said on Wednesday second-quarter profit came to $33.4 million, or 68 cents per diluted share, compared with $94.8 million, or ...

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