Noting that Emerson (EMR) reported underlying orders ex-foreign exchange dropped 10% in July and said that it expects difficult market conditions to continue over the next 3 to 4 quarters, William Blair analyst Ryan Merkel said it gives him confidence that the firm's forecast for Fastenal's (FAST) August ADS to decline 0.5% "looks appropriate." The analyst, who previously projected that numbers for Fastenal and the distributor group may have to come down 5%-10%, thinks the recent slide in oil and yuan devaluation make the near-term setup for the sector even worse. William Blair has a Market Perform rating on Fastenal shares.