BUZZ-Weir: shares retreat amid tough oil & gas backdrop

** Weir goes into reverse after recent strong run after saying Q2 proving very challenging for oil & gas division

** Co temporarily suspended operations for a week at its Fort Worth, Texas facility

** Minerals and Power & Industrials, however, trading as anticipated

** Jefferies says while it can't come as a surprise that co's oil & gas markets are weak, Fort Worth news is a "serious turn of events" and really shows how hard it's biting & that "the 2Q numbers are going to look horrible"

** While broker senses market is looking for the right time to buy Weir (rig count declines slowing etc), says this won't raise interest levels & suspects consensus numbers may still drift lower

** Stock, which had rallied c.13 pct from late April low (until Tuesday close), down 2.8 pct, standout FTSE 100 faller

** Co, later on Wednesday, hosting a Capital Markets presentation focusing on Minerals division

** Weir makes valves & pumps for energy & mining industries (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)