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Stock Market & Financial Investment News

News Breaks
April 29, 2014
12:02 EDTCMI, NAV, PCARCummins hits 52-week high after beat and raise quarter
Shares of engine maker Cummins (CMI) are rising after the company's first quarter results beat expectations and it raised its fiscal 2014 revenue outlook. Meanwhile, shares of peer PACCAR (PCAR) are sliding despite its earnings and revenue also beating the consensus forecast. WHAT'S NEW: This morning, Cummins reported first quarter earnings per share of $1.83 and revenue of $4.4B, topping expectations of $1.67 and $4.18B, respectively. Cummins raised its FY14 revenue growth view to 6%-10% from 4%-8%, citing improving demand in North America. FY14 revenue consensus is $18.6B. The company also forecast its FY14 EBIT, or Earnings Before Interest & Tax, to be 12.75% to 13.25% of its sales. Chairman and CEO Tom Linebarger said, "We delivered good incremental margins in the first quarter as demand in on-highway markets in North America improved. We are also well on track to deliver the expected benefits from our North American distributor acquisitions as we execute our plans and end market demand improves." WHAT'S NOTABLE: PACCAR also reported better than expected Q1 results this morning, with Q1 EPS and revenue of 77c and $4.38B, topping estimates of 76c and $3.99B, respectively. It forecast Class 8 industry retail sales for the U.S. and Canada in 2014 to be in a range of 220K-240K vehicles, compared to the 212K vehicles sold in 2013. "The increased market is due primarily to the ongoing replacement of the aging truck population and improving construction and automotive sectors. The truck market in 2014 may also benefit from some expansion of industry fleet capacity, reflecting continued strong freight demand, said the company. In Europe, it is estimated that industry sales in the above 16-tonne truck market will be in the range of 200K-230K units and truck sales in Brasil in the above 6-tonne segment in 2014 are estimated to be in a range of 140K-150K vehicles, predicted PACCAR. PRICE ACTION: Near noon, Cummins rose $4.77, or about 3.3%, to $150 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week high of $151.80. Shares of were down nearly 3% to $63.93 at midday. OTHERS TO WATCH: Navistar International (NAV) also designs and makes diesel engines for the pickup truck, van and sport utility vehicle markets.
News For CMI;PCAR;NAV From The Last 14 Days
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July 30, 2015
10:00 EDTPCAROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Altria Group (MO) downgraded to Outperform from Buy at CLSA... Baxter (BAX) downgraded to Market Perform from Outperform at Leerink... Changyou.com (CYOU) downgraded to Hold from Buy at Summit Research... Depomed (DEPO) downgraded to Neutral from Buy at Janney Capital... Euronet (EEFT) downgraded to Neutral from Buy at Monness Crespi... Foundation Medicine (FMI) downgraded to Market Perform at JMP Securities... Garmin (GRMN) downgraded to Underweight from Neutral at JPMorgan... Golden Star Resources (GSS) downgraded to Hold at Canaccord... Grainger (GWW) downgraded on negative catalysts at RBC Capital... Henry Schein (HSIC) downgraded to Hold from Buy at Evercore ISI... LINN Energy (LINE) downgraded to Market Perform from Outperform at Raymond James... LifeLock (LOCK) downgraded to Neutral from Buy at BofA/Merrill... LinnCo (LNCO) downgraded to Market Perform from Outperform at Raymond James... Manitowoc (MTW) downgraded to Hold from Buy at BB&T... PACCAR (PCAR) downgraded to Equal Weight on peak cycle concerns at Morgan Stanley... PG&E (PCG) downgraded to Neutral from Outperform at Credit Suisse... Pacer (PACR) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Sector Perform from Outperform at Scotia... Shutterfly (SFLY) downgraded to Market Perform at Raymond James... Terex (TEX) downgraded to Hold from Buy at BB&T... Total System (TSS) downgraded to Neutral at Baird... Whiting Petroleum (WLL) downgraded to Equal Weight from Overweight at Stephens... Whole Foods (WFM) downgraded to Equal Weight from Overweight at Morgan Stanley.
07:58 EDTPCARPACCAR downgraded to Equal Weight on peak cycle concerns at Morgan Stanley
As previously reported, Morgan Stanley downgraded PACCAR to Equal Weight from Overweight with a new price target of $61. The firm believes NAFTA Class 8 truck cycle is peaking and now forecasts a 10% decline in 2016 and 2017 industry sales as fleet growth remains muted and replacement demand slows. As a result, Morgan Stanley now sees a lack of positive earnings momentum for PACCAR and downgraded shares given downside risk.
July 28, 2015
09:18 EDTPCAR, CMIOn The Fly: Pre-market Movers
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08:03 EDTPCARPACCAR says DAF cooperating with European Commission, preparing response
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08:02 EDTPCARPACCAR reports Q2 EPS $1.26, consensus $1.15
Reports Q2 revenue $5.08B, consensus $4.85B.
07:32 EDTCMICummins sees FY15 revenue up 2%-4%, consensus $19.81B
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07:32 EDTCMICummins reports Q2 EPS $2.62, consensus $2.55
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July 27, 2015
15:40 EDTCMICummins technical notes ahead of earnings
The key level for the shares is at $125. Ahead of news the stock has slipped below this level. If the news is bearish, a sustained and deeper move below would confirm a double top pattern. The downside potential for the pattern if it completes is to the $98 to $97 area. If the news is a bullish surprise, a move back above $125 would make the pattern inactive. Next upside objectives could be at $130.53, $138.28, and $145.92.
15:03 EDTCMI, PCARNotable companies reporting before tomorrow's open
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10:00 EDTNAVOn The Fly: Analyst Downgrade Summary
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08:52 EDTNAVNavistar Celadon Group finalized remaining 7,950 orders from Quality Companies
International Truck (NAV) announced it has finalized the remaining 7,950 orders from Quality Companies, a wholly owned subsidiary of Celadon Group (CGI). The 9,000 vehicle commitment consists primarily of International ProStar and LoneStar vehicles powered by Cummins ISX-15 engines, and will be spread across the next three years.
06:43 EDTNAVNavistar downgraded to Sell from Neutral at Goldman
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July 23, 2015
09:20 EDTCMICaterpillar demand trends appear negative for Cummins, Terex, says Wells Fargo
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July 22, 2015
13:31 EDTCMIEarnings Watch: Wells Fargo says Caterpillar revenue consensus likely too high
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10:37 EDTCMICaterpillar June data suggests consensus revenue view too high, says Wells Fargo
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July 21, 2015
08:36 EDTNAVNavistar awarded order for 1,050 tractors
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July 20, 2015
08:22 EDTNAVNavistar refinances $697.5M senior secured term loan facility
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