Owens Corning upgraded to buy from neutral at Instinet

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Owens Corning profit hit by inflation

Owens Corning OC on Wednesday reported a decline in first-quarter net income as greater-than-expected inflation impacted margins across all three of its businesses. The Toledo, Ohio-based manufacturer of insulation, roofing and fiberglass composites earned a quarterly profit of $92 million, or 82 cents a diluted share, compared with $101 million, or 89 cents a share, for the same period last year.

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