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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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February 26, 2015
07:23 EDTCMIANSYS' software portfolio selected by Cummins
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07:21 EDTCMICummins signs agreement with ANSYS
ANSYS (ANSS) announced that Cummins (CMI) has signed a new agreement providing it with broad access to the ANSYS portfolio. This enterprise license agreement will enable Cummins to continue to solve some of the industry's most challenging multiphysics problems providing its customers with some of the most innovative products on the market. The multi-year agreement provides Cummins with enterprise-wide licenses to the ANSYS structures, fluids and high-frequency electromagnetics suites as well as access to high-performance computing solutions. Cummins will also receive enhanced support and services as well as unlimited classroom and online training. The new agreement complements the Cummins Analysis Led Design initiative, which emphasizes simulation early in the product design process, when it is more cost-efficient to make changes.
February 25, 2015
07:17 EDTCMICummins management to meet with UBS
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February 20, 2015
12:53 EDTCMI, NAV, PCARCitigroup sees truck carrier stocks poised to outperform
With the U.S. economy growing quickly, the stocks of truck carriers are likely to outperform the S&P 500, Citigroup believes. WHAT'S NEW: Truck transportation prices and truck carrier stocks "respond most directly to economic growth," Citigroup analyst Christian Wetherbee wrote in a note to investors today. After carriers' truckload rates rose 4% last year, the rates should rise by a similar amount this year, Wetherbee predicted. Economic growth, along with the difficulties the carriers are experiencing with recruiting drivers, should be supportive of additional rate increases, the analyst stated. Wetherbee warned that the stocks of truck builders usually underperform during periods such as the current one, when a large amounts of U.S. class 8 trucks are being built. Consequently, truck carrier stocks present investors with an opportunity, while investors should be cautious on truck builders and parts suppliers, he wrote. Among truck carriers, Swift (SWFT) is particularly attractive, since it has underperformed its peers over the last year, Wetherbee stated. Additionally, the company's results appear likely to at least meet consensus estimates, the analyst predicted. He also kept a Buy rating on another truck carrier, Knight Transportation (KNX) and maintained a Buy rating on Cummins (CMI), which builds truck engines. The analyst kept a Hold rating on truck builder PACCAR (PCAR). OTHERS TO WATCH: Navistar (NAV) builds trucks and Celadon (CGI) is another truck carrier. PRICE ACTION: In early afternoon trading, Swift rose 1%, Knight Transportation gained 1.3%, Cummins added 0.7%, and PACCAR lost 0.5%.
06:27 EDTCMI, PCARTrucking stocks likely to outperform S&P 500, says Citigroup
Citigroup says its work indicates trucking stocks respond most directly to economic growth. With the economy on a growth trajectory, Citi expects trucking stocks are likely to outperform the S&P 500. The firm reiterates Buy ratings on Swift Transportation (SWFT) and Knight Transportation (KNX), with a preference for Swift. It also has a Buy rating on Cummins (CMI) and Neutral on PACCAR (PCAR).
February 17, 2015
17:06 EDTNAVIcahn gives quarterly update on stakes, takes new stake in Manitowoc
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