Cummins (CMI) Up On News Caterpillar Will Exit On-Highway Engine Biz
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Shares of Cummins Inc. (NYSE: CMI) are 11% higher today following news that Caterpillar Inc. (NYSE: CAT) partnered up with Navistar (OTC: NAVZ) for their on-highway truck business and said it will not supply EPA 2010 compliant engines to truck and other on-highway original equipment manufacturers.
Analysts expects this news will allow Cummins to take a larget percentage of the market.
An analyst at Wachovia said, "Based on CAT's decision to exit the North American on-highway truck engine business (for non-severe service) in 2010, we believe that CMI will generally increase share at NAVZ, PCAR, and potentially Daimler North American truck applications. This announcement is positive for CMI."
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