Mon, Nov. 14, 12:20 PM
- A lawsuit on the behalf of truck buyers in Europe is being planned by litigation funding firm Benthem Europe.
- Reuters reports that the damages claim in the legal action could be €100B as truck makers are pressed for running a 14-year price-fixing cartel.
- By Bentham's tabulations, 10M trucks were sold in Europe with an extra €10.5K added to the price tag due to the collusion.
- Truck makers potentially impacted include PACCAR (NASDAQ:PCAR), Navistar (NYSE:NAV), Daimler (OTCPK:DDAIF), Volvo (OTCPK:VOLVY), Volskwagen (OTCPK:VLKAY), Supreme Industries (NYSEMKT:STS) and CNH Industrial (NYSE:CNHI).
Wed, Nov. 9, 3:35 PM
- Investors are betting that some big U.S. manufacturers such as Caterpillar (CAT +7.7%) could benefit from possible changes in energy, climate and tax policies in the Trump administration.
- CAT is "looking forward to building those bridges," says VP for global government and corporate affairs Kathryn Dickey Karol, adding that the company is excited about Trump’s calls for improving the U.S. transportation network.
- CAT says it will continue to push for adoption of the Trans-Pacific Partnership during the remaining days of the Obama administration; Martin Richenhagen, Chairman and CEO of farm equipment maker Agco (AGCO +0.9%), says he is concerned about Trump’s repeated support for trade protectionism during the campaign.
- The potential for federal spending boosted the likes of Fluor (FLR +10.1%), Aecom (ACM +12.6%), Jacobs Engineering (JEC +9.8%), Manitowoc (MTW +14.2%), Terex (TEX +14.8%), Vulcan Materials (VMC +9.8%) and Martin Marietta Materials (MLM +11.5%).
- Shares in Deere (DE +1.4%), Paccar (PCAR +4.5%) and Navistar (NAV +7.2%) also are higher.
Sat, Oct. 29, 10:42 AM
- The trucking industry is anxiously waiting for the release of key heavy-duty truck order releases next week as it assesses demand for 2017.
- Overcapacity has impacted trucking pricing this year and forced several companies to idle parts of their fleets and rethink strategy. More than half of trucking stocks with a market cap of over $50M are showing a negative YTD return.
- There's a sense that the extended downturn in freight demand could be bottoming out, a theory that could be confirmed by the upcoming reports from ACT Research and FTR.
- Looking further down the road, it can't be ignored that autonomous vehicle technology could have an impact with trucking services, logistics firms and truck makers. The dramatic delivery of 50K Budweisers (NYSE:BUD) by self-driving transport company Otto (Private:UBER) is considered by some analysts as much more than a publicity stunt.
- Ford (NYSE:F) announced last summer that it's developing smaller self-driving delivery trucks and Google has a USPTO-approved patent on a self-driving delivery truck. On the long-haul side, Daimler's (OTCPK:DDAIF) Freightliner is still testing autonomous 18-wheelers.
- Related article: MIT Technology Review on Uber Freight
- Related stocks: ULH, USAK, SAIA, PATI, PTSI, JBHT, KNX, SWFT, LSTR, MRTN, HTLD, WERN, ECHO, ODFL, CVTI, CGI, ARCB, YRCW, NAV, CMI, PCAR, FDX, UPS.
Tue, Oct. 25, 8:08 AM
Mon, Oct. 24, 5:30 PM
- ABG, AGR, AKS, ASTE, ATI, AXE, BAX, BHI, BPOP, CAT, CIT, CNC, CPLA, CTG, CVLT, CYNO, DD, EAT, EDU, ETR, FBC, FBP, FCAU, FCX, FELE, GBX, GLW, GM, GPK, HUBB, IIVI, JBLU, JNS, KEY, KKR, LLY, LMT, LPT, MAS, MDSO, MINI, MMC, MMM, MRK, NCI, NLSN, NVS, PCAR, PG, PII, PNR, R, RTIX, S, SAVE, SCHN, SERV, SHW, SIR, ST, STAY, TNC, UA, USG, UTX, VLO, WAB, WAT, WDR, WHR, WSO
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
- ABG, ACW, AHGP, AKS, ALLY, AOS, ARLP, ASTE, ATI, AUDC, AVY, AXE, AXTA, BAX, BEAV, BP, BPOP, CAT, CHKP, CIGI, CNC, CNHI, CNX, CPLA, CSL, CTG, CVLT, CYNO, DD, DTE, EEFT, EXAS, FBC, FCH, FCX, FELE, FIS, FMER, GPK, HOT, HUBB, HZO, ICLR, JBLU, JNS, KEY, KKR, LLY, LPT, MAS, MBLY, MCD, MDXG, MMM, NCI, NEO, NLSN, NORD, PCAR, PCH, RAI, RDWR, SAH, SIR, SIRI, ST, TGNA, TNC, TOWR, TROW, UA, USG, UTX, VLO, VZ, WAT, WDR, WWW, XRS
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.