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Stock Market & Financial Investment News

News Breaks
April 29, 2014
12:02 EDTNAV, PCAR, CMICummins 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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December 18, 2014
07:57 EDTPCARPACCAR data points suggest longer truck cycle, says UBS
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December 17, 2014
18:34 EDTNAVOn The Fly: After Hours Movers
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17:09 EDTNAVIcahn reports 19.99% stake in Navistar
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December 16, 2014
16:26 EDTNAVOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory following another tumble in the price of oil and Russian central bank intervention on the ruble. The continued decline in crude and the sudden rate hike in Russia led to an early sell-off, though the market soon pared its losses and the Dow eventually built a 200 point gain before noon. The swing of 300 points for the Dow was indicative of the day’s volatility. The market moved across the flat line again and in the end the sellers regained control and pushed the market to another loss. ECONOMIC EVENTS: In the U.S., housing starts fell 1.6% to a 1.028M rate in November, which was worse than the expected 3.1% increase. Building permits dropped 5.2% to a 1.035M rate in the month, which was also worse than the consensus forecast for a 2.5% drop. Markit's flash PMI for the U.S. dropped to 53.7 in December from 54.8 in November, which is an 11 month low and worse than the 55.2 reading that was forecast. In China, HSBC and Markit's preliminary manufacturing PMI fell to 49.5 in December from a final 50.0 reading in November. In Europe, Markit's composite PMI for the euro zone rose to 51.7, which was up from November's final reading of 51.1 and just above analyst forecasts for a reading of 51.5. Additionally, Russia's central bank raised its key interest rate to 17% from 10.5% in an effort to limit substantially increased ruble depreciation risks and inflation risks. COMPANY NEWS: Spain's Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash, which was at the high end of the range reported recently by Financial Times. Talisman shares trading in New York surged $2.46, or 48.05%, to $7.58 following the deal announcement, while Repsol slipped 18c, or 0.93%, to $19.26. MAJOR MOVERS: The top nine gainers on the S&P 500 were all oil and gas exploration or services companies. After those came CVS Health (CVS), which gained $2.44, or 2.72%, to $92.31 after the company announced in conjunction with its analyst day meeting that it added $10B to its share repurchase plan, boosted its dividend 27%, affirmed its outlook for this fiscal year and pointed to growing earnings in its next fiscal year. Among the noteworthy losers was heavy truck maker Navistar (NAV), which fell $5.95, or 16.98%, to $29.10 after reporting losses for its just completed quarter. Also lower were shares of Russian companies listed in the U.S., including QIWI (QIWI), which dropped $2.81, or 13.06%, to $18.70 and Mobile TeleSystems (MBT), which slid 75c, or 10.84%, to $6.17. INDEXES: The Dow fell 111.97, or 0.65%, to 17,068.87, the Nasdaq dropped 57.32, or 1.24%, to 4,547.83, and the S&P 500 declined 16.89, or 0.85%, to 1,972.74.
12:26 EDTNAVOn The Fly: Midday Wrap
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07:22 EDTNAVNavistar sees FY15 retail Class 6-8 deliveries of 350K-380K in U.S./Canada
Navistar forecasts retail deliveries of Class 6-8 trucks and buses in the United States and Canada will be in the range of 350,000 units to 380,000 units for FY15. "We continue to make the necessary changes to improve the company and we're entering 2015 in a much stronger position than we were one year ago. We've restructured our core North American business, have the right products in place, and established the right leadership team. We are well-positioned to meet our 8-10 percent EBITDA margin run rate target exiting 2015," said Troy A. Clarke, Navistar president and CEO.
07:20 EDTNAVNavistar sees Q1 adjusted EBITDA $0M-$50M
Navistar sees Q1 adjusted EBITDA of $0M-$50M, excluding pre-existing warranty and one-time items. Sees Q1 manufacturing cash, cash equivalents and marketable securities between $700M-$800M.
07:19 EDTNAVNavistar reports Q4 EPS with items (88c), consensus 15c
Reports Q4 revenue $3.01B, consensus $3.02B. Reports Q4 EBITDA of $66M, which included $60M of restructuring, impairments and other charges partially offset by a $10M favorable adjustment in pre-existing warranty. As a result, adjusted Q4 EBITDA was $116M, which was within the company's Q4 guidance. The company reported a 23% year-over-year increase in chargeouts for Class 6-8 trucks and buses in the United States and Canada. End-of-year order backlog for Class 6-8 trucks was up 24% year-over-year.
December 15, 2014
15:36 EDTNAVNavistar December 36 straddle priced for 6.2% movement into Q4
15:21 EDTNAVNotable companies reporting before tomorrow's open
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08:12 EDTNAVNavistar to close foundry operations in Indianapolis
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December 12, 2014
14:04 EDTNAVNavistar volatility elevated into Q4 and outlook
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December 11, 2014
10:13 EDTPCAROn The Fly: Analyst Initiation Summary
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06:52 EDTPCARPACCAR initiated with a Buy at Global Hunter
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06:51 EDTNAVNavistar coverage transferred with an Accumulate at Global Hunter
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December 9, 2014
14:10 EDTPCARPACCAR near highs of session, up over 1.6%
14:07 EDTPCARPACCAR says Class 8 truck orders through November up 46% YoY
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14:00 EDTPCARPACCAR declares extra cash dividend of $1.00 per share
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