Tenneco dips on dim sector outlook...

"We do not expect an immediate turnaround in [automaker] production rates in North America or Europe, and we are closely monitoring the aftermarket in those regions for a potential drop in consumer spending on vehicle maintenance due to higher fuel prices," said Chairman and Chief Executive Mark Frissora.

"This landscape, coupled with continuing increases in material costs and the impact of higher fuel costs on our transportation expenses, creates a tough operating environment going forward," he added.

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