Cummins (CMI) Weakness Tied to Concerns About Impact from VW-Navistar (NAV) Deal
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Weakness in Cummins (NYSE: CMI) Tuesday was tied to negative implications from Navistar's (NYSE: NAV) strategic alliance with Volkswagen Truck & Bus, which includes an equity investment in Navistar by Volkswagen Truck & Bus and framework agreements for strategic technology and supply collaboration and a procurement joint venture.
According to Bloomberg, Piper analyst Alexander Potter sees negative implications and noted that Cummins likely obtains about 5% of revenue from selling engines and components to Navistar, though he doesn't see impact on 2016-18 results.
Shares of Cummins opened lower by about 4%.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Helios and Matheson (HMNY) halted on LUDP after surging 65%
- Volatility and Volume movement
- Time Warner (TWX) October weekly 90, 95, 100 & 105 calls active on expectations after reports
Create E-mail Alert Related CategoriesTrader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!