Fri, Sep. 30, 8:40 AM
- CLSA initiates coverage on PACCAR (NASDAQ:PCAR) with an Outperform rating on a valuation call.
- The investment firm lines up PACCAR with a price target of $65.
- Shares of PACCAR closed at $57.89 yesterday, near the top end of their 52-week range of $43.46 to $60.86.
Tue, Sep. 13, 10:44 AM
Tue, Sep. 6, 12:38 PM
- News of a deep alliance between Navistar (NAV +43.4%) and Volkswagen is creating some disruption in the truck sector. Analysts think the $256M lifeline from Volkswagen changes the discussion on Navistar away from impending bankruptcy.
- "Navistar’s partnership with a well-capitalized strategic leader such as VW with hopes of a full buyout later presents a better alternative for both equity and credit holders versus restructuring or waiting for a cyclical recovery," observes CreditSights.
- There's some anxiety with traders on the impact on rivals of a stronger Navistar. PACCAR (PCAR -1.5%), Cummins (CMI -6%), CNH Industrial (CNHI -0.9%), and Supreme Industries (STS -0.9%) are all lower in mid-day trading.
Thu, Sep. 1, 10:24 AM
- Cummins (CMI -0.2%) will team with Peterbilt Motors Co., a division of PACCAR (PCAR -0.6%) to develop and demonstrate technologies under the U.S. Department of Energy SuperTruck II program.
- The two partnered together for SuperTruck I, first demonstrating more than 50% Brake Thermal Efficiency and analytically defining technologies needed to achieve 55% BTE.
Tue, Aug. 16, 5:47 PM
- The U.S. issues final carbon emissions standards for big trucks, in Pres. Obama's latest major rule seeking to clamp down on greenhouse gas emissions across the U.S. economy.
- The EPA and U.S. Department of Transportation rules would achieve 10% more carbon emission and fuel consumption reductions than last year’s proposed rules, likely raising the price tag price for tractor trailers and other long-haul trucks but cutting operating costs.
- Cummins (NYSE:CMI), a supporter of the rules, says it is confident it has the engine technologies to meet or exceed improvements required by the standards.
- The cost of tractors that pull freight trailers could rise 12%, Bloomberg calculates, impacting truckmakers such as Paccar (NASDAQ:PCAR), Navistar (NYSE:NAV), Daimler (OTCPK:DDAIF) and Volvo (OTCPK:VOLVY), raising costs for their products.
Tue, Aug. 16, 3:52 AM
- The Obama administration is expected to issue final rules today reducing greenhouse gas emissions from trucks over the next decade, likely one of the last major climate-related rules President Obama will issue before he leaves office.
- The final regulations, which aim to cut 1B metric tons of emissions, will be a game-changer for tractor-trailers, buses and other large vehicles with model years 2021 through 2027.
- Related tickers: CMI, ETN, NAV, PCAR, OTCPK:DDAIF, OTCPK:VOLVY
Tue, Jul. 26, 9:02 AM
- PACCAR (NASDAQ:PCAR) reports truck sales fell 16.1% to $3.34B in Q2.
- Parts revenue dropped 2.6% to $756.4M.
- Financial services revenue increased 1.2% to $297.4M.
- U.S. and Canada revenue declined 23.8% to $2.68B
- Revenue for Europe advanced 15.9% $1.23B.
- New truck deliveries -11.5% Y/Y to 36,800.
- Truck, Parts and Other gross margin rate +10 bps to 15.2%.
- PCAR +1.31% premarket.
Tue, Jul. 26, 8:02 AM
Mon, Jul. 25, 5:30 PM
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Tue, Jul. 19, 7:24 AM
- The European Commission fined a group of truck makers €2.93B ($3.24B) for colluding on truck prices for over 14 years.
- The companies which admitted to the charges include Daimler (OTCPK:DDAIF), Volvo/Renault (OTCPK:VOLVY, OTC:RNSDF, OTCPK:RNLSY), MAN (OTCPK:VLKAY), Iveco (NYSE:CNHI), and DAF (NASDAQ:PCAR). MAN wasn't fined because it came forward to alert the EC of the cartel.
- "For 14 years they colluded on the pricing and on passing on the costs for meeting environmental standards to customers. This is also a clear message to companies that cartels are not accepted," said Commissioner Margrethe Vestager.
- European Commission press release
Fri, Jul. 15, 10:02 AM
- Thomas Lee from Fundstrat Market & Equity Research ("our research process combines both top-down strategy and bottoms-up fundamental views, to develop a roadmap of practical and useful investment insights for our clients") identifies 15 stocks that meet his criteria for his current “highest conviction” strategies, which he calls “laggards become leaders” and “stocks are the new bonds.”
- The following stocks are in 1 of 16 groups that have lagged in the bull market (laggards), and have dividend yield greater than the their long-term bond yield (stocks are the new bonds): APD, CAT, CSCO, CVX, HP, IBM, OXY, PCAR, PG, PX, RL, SLB, T, VZ, XOM.
Mon, Jul. 11, 11:21 PM
Tue, Jul. 5, 2:18 PM
- Truckmakers face heavy fines from the European Union over price fixing charges, according to Bloomberg.
- Although some truck manufacturers have set aside provisions to pay for the expected penalties, it's unclear which companies will end up having the largest exposure.
- The sector is down across the board on the day, including PACCAR (NASDAQ:PCAR) -3.1%, Navistar (NYSE:NAV) -9.1%, Daimler (OTCPK:DDAIF) -5.4%, Volvo (OTCPK:VOLVY) ADRS -6.1%, Supreme Industries (NYSEMKT:STS) -8.5%, and CNH Industrial (NYSE:CNHI) -6.6%.
Mon, Jun. 27, 3:19 PM
- AGCO (AGCO -5.9%) is downgraded to Underweight from Neutral with a $44 price target, cut from $47, at J.P. Morgan, citing weakening fundamentals in European agriculture and the rising dollar, which is expected to weigh on the company's North American business.
- JPM says AGCO has the greatest exposure to Europe in its machinery coverage, and notes that 60% of the company's EBIT comes from Europe, Africa and the Middle East, with another 16% from South America, where political and economic instability in Brazil continue to weigh on equipment demand.
- The firm also downgrades PACCAR (PCAR -6%) to Underweight from Neutral with a $47 price targets, lowered from $58, as the company's key end markets, especially the U.K., are likely to come under pressure in the near term, and North American truck fundamentals are expected to remain weak, with further production cuts expects in H2.
Tue, Jun. 14, 1:51 PM
- EV truck maker Nikola Motors has taken a page out of the Tesla playbook by releasing pre-order information and scheduling an unveiling event for later in the year.
- The startup has taken down 7K reservations with deposits for the Nikola One electric truck. The reservations total $2.3B worth of orders. The Nikola One is promised to have 2,000-horsepower, 1,200 miles of range, and a 320-kWh battery.
- The class 8 semi-truck is due to be unveiled by the company at an event on December 2.
- "Our technology is 10-15 years ahead of any other OEM in fuel efficiencies, MPG and emissions. Weare the onlyOEM to have a near zeroemission truck and stilloutperform diesel truck runningat 80,000 pounds," says CEO Trevor Milton.
- "We believe wewill pass the current market leaderslike Daimler, PACCAR, Volvo andNavistar in sales orderswithin the next12-24 months," adds the exec.
- Related stocks: NAV, PCAR, OTCPK:GELYF, OTCPK:DDAIF, OTCPK:VOLVY, OTCPK:VOLVF.
Mon, Jun. 6, 12:10 PM
- Truck maker stocks are ahead of broad market averages with Navistar leading the way. Navistar (NAV +6.6%) is due to release earnings tomorrow with analysts expecting revenue of $2.239B and EPS of -$0.17 to be reported.
- Late last week, FTR issued a report indicating that North American Class 8 truck orders improved 0.4% M/M to 14,100 units.
- The level of orders were still down 30% on a year-over-year comparison.
- "Fleets do not need to order many trucks in the current environment because in most cases they have enough trucks to handle the freight. Freight demand is still sluggish due to the build-up of business inventories," said a FTR commercial vehicles VP.
- Cummins (CMI +1.4%) and PACCAR (PCAR +1.3%) are both higher on the day.