GTES - Gates hits two-year low as stocks fall for fifth day

Gates Industrial fell as much as -3.6% on Thursday to touch a two-year low of $10.33 a share before rebounding slightly. The decline came as market indexes fell for the fifth straight day on continued concerns about Federal Reserve policy.

Gates has experienced choppy trading in the past couple of weeks. It declined 5.4% on Aug. 29 after filing for a possible sale of shares owned by private-equity firm Blackstone ( BX ).

The major averages slid after manufacturing and jobs reports strengthened the economic case for hawkish monetary policy: Nasdaq Composite ( COMP.IND ) -2%, the S&P 500 ( SP500 ) -1.2% and the Dow ( DJI ) -0.7%.

Seeking Alpha contributor Individual Trader has a Hold rating on Gates ( NYSE: GTES ) on its valuation , while columnist JP Trader rates the stock a Buy on an improved balance sheet and other attributes .

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