Aug. 20, 2013, 3:56 AM
- The rupee has hit yet another low of 64.175 to the dollar, although the currency is now at 63.565 amid speculation of intervention by the Reserve Bank of India.
- India's Sensex drops again, declining 0.1%, although that's up from earlier lows.
- "The rupee is at risk of completely losing its anchor," says UBS strategist Bhanu Baweja. UBS has predicted a drop to 70 to the dollar, but "no rupee forecast is sacrosanct.
- What investors want is economic reform, not the quasi capital controls that were announced last week.
- "There is no focus on improving productivity, infrastructure or getting FDI (foreign direct investment) back," says Nomura credit analyst Pradeep Mohinan. "It's all about stemming the flow of currency and that is not the cause of the problem."
- Expectations that the Fed will soon start tapering are also hurting the rupee.
- Companies that have been affected by the currency's slide - for better or for worse - include Cummins (CMI), Cognizant Technology Solutions (CTSH), and Starwood Hotels & Resorts Worldwide (HOT).
- ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
Jul. 31, 2013, 2:41 PM
- Goldman's Jerry Revich reiterates a Conviction List-Buy on shares of Cummins (CMI +2.6%) following the company's Q2 results.
- Revich highlights "a $1B new product cycle in CMI's highest margin business" next year, which should "drive significant upside to consensus."
- Other positives include "meaningfully higher Engine profitability despite continued mix headwinds, a high returns Distribution acquisition, and improving Power Generation cost control."
Jul. 30, 2013, 8:29 AM
- Cummins' (CMI) net profit -12% to $414M.
- Sales breakdown: North America +7%, International -4%, due to falling demand in Europe, India, and Mexico, which offset strength in Brazil and China. Engine segment, Cummins' largest product line, -7% to $2.7B.
- Gross margin narrows to 25.5% from 27.2%.
- Expects 2013 sales to be flat vs 2012, an improvement from a prior forecast of unchanged to -5%; and EBIT of 13-14% of sales.
- Shares +2.6% premarket. (PR)
Jul. 30, 2013, 7:32 AM
Jul. 30, 2013, 12:05 AM
- ACI, ADS, AET, ARQL, AUDC, BLC, BP, BYD, CIE, CMI, COH, CVLT, DB, DDD, DIN, DISCA, DSX, ECL, ESV, ETR, EZPW, FIS, GLW, GNRC, GT, GTI, GTLS, HCP, HEP, HRS, HW, IPGP, JBLU, KLIC, MCGC, MDC, MLM, MRK, MSO, MWV, NEE, NLSN, NOV, NTLS, NYX, ODP, OSK, OXY, PBI, PEG, PES, PFE, ROK, S, SAN, SNH, TRI, TRW, UBS, UDR, VSH, WLK, WM, WU, XYL
Jul. 29, 2013, 5:30 PM
- ACI, ADS, AET, ARQL, AUDC, BLC, BP, BYD, CIE, CMI, COH, CVLT, DB, DDD,DIN, DISCA, DSX, ECL, ESV, ETR, EZPW, FIS, GLW, GNRC, GT, GTI, GTLS, HCP, HEP, HRS, HW, IPGP, JBLU, KLIC, MCGC, MDC, MLM, MRK, MSO, MWV, NEE, NLSN,NOV, NTLS, NYX, ODP, OSK, OXY, PBI, PEG, PES, PFE, ROK, S, SAN,SNH, TRI, TRW, UBS, UDR, VSH, WLK, WM, WU, X, XYL
Jun. 27, 2013, 8:39 AMProcter & Gamble (PG) says it will convert up to 20% of its outsourced truck load shipments to natural gas vehicles within the next two years. Keep an eye on Cummins (CMI), Westport Innovation (WPI), and Navistar (NAV) off the news which bodes well for the sector. | Jun. 27, 2013, 8:39 AM | 6 Comments
Jun. 20, 2013, 8:29 AMRyder (R) says it took delivery of 39 light and medium duty compressed vehicles with natural gas engines. The development only marks a small step forward for taking natural gas engines into the mainstream, but could bode well for Westport Innovations (WPRT), Cummins (CMI), and Navistar (NAV) if more commercial operations dabble with CNG-powered vehicles. | Jun. 20, 2013, 8:29 AM | 1 Comment
Jun. 12, 2013, 12:50 PMCaterpillar's (CAT -0.3%) news that it will be raising its quarterly dividend by 15.4% failed to impress shareholders today, ticking lower since the open. The weakness is surprising given the fact that the hike was above last year's 13% increase and the 4.5% bump the year prior. It also moves the dividend yield to an impressive 2.9%, which is above those of its competitors Deere (DE -0.9%) at 2.4%, Cummins (CMI -0.8%) at 1.7% and Joy Global (JOY +0.2%) at 1.3%. | Jun. 12, 2013, 12:50 PM | 1 Comment
May 15, 2013, 7:27 AM
Apr. 30, 2013, 11:54 AMMore on Cummins' (CMI -5.5%) Q1: Revenues fall 12% Y/Y as "weakness in mining, oil and gas, and power generation" triggers an 18% Y/Y decline in total unit volumes in the engine business. CEO Tom Linebarger calls the weak demand "expected" and says "improving order trends in on-highway and construction markets in North America" should drive revenue improvement in the coming quarters. The company says FY13 revenues will be "flat to down 5%" while EBIT should come in at 13-14% of total sales, but happily notes that Q1 "will mark the low point of the year" for revenues. (PR) | Apr. 30, 2013, 11:54 AM | Comment!
Apr. 30, 2013, 7:31 AM
Apr. 30, 2013, 12:05 AMNotable earnings before Tuesday’s open: ABFS, AET, AGCO, AMED, ARCO, AVP, BEN, BP, CIE, CMI, CNH, COCO, CRIS, CYNO, DBD, DDD, DPZ, ECL, EPD, ESV, EXAS, FCH, FIS, FLWS, GAS, GOV, HCLP, HCP, HEP, HNR, HOT, HRS, HUN, HW, IVZ, KLIC, LM, MCGC, MHP, MLM, MNTA, MPC, MPLX, MSO, MTG, MTOR, MWV, NEE, NI, NYX, ODP, OSK, PBI, PEG, PES, PFE, ROC, SAVE, SIRI, TFX, THC, TRI, TRW, UBS, UDR, VLO, VSH, WEC, X, XYL, ZTS | Apr. 30, 2013, 12:05 AM | Comment!
Apr. 29, 2013, 5:30 PMNotable earnings before Tuesday’s open: ABFS, AET, AGCO, AMED, ARCO, AVP, BEN, BP, CIE, CMI, CNH, COCO, CRIS, CYNO, DBD, DDD, DPZ, ECL, EPD, ESV, EXAS, FCH, FIS, FLWS, GAS, GOV, HCLP, HCP, HEP, HNR, HOT, HRS, HUN, HW, IVZ, KLIC, LM, MCGC, MHP, MLM, MNTA, MPC, MPLX, MSO, MTG, MTOR, MWV, NEE, NI, NYX, ODP, OSK, PBI, PEG, PES, PFE, ROC, SAVE, SIRI, TFX, THC, TRI, TRW, UBS, UDR, VLO, VSH, WEC, X, XYL, ZTS | Apr. 29, 2013, 5:30 PM | 1 Comment
Apr. 24, 2013, 11:21 AMCummins (CMI +2.3%) CEO Norm Linebarger is scheduled to appear tonight on Jim Cramer's CNBC show to discuss the national move to use more natural gas in transportation vehicles. UPS plans to increase the number of natural gas trucks in its fleet to 800 by the end of 2014, from 112 now, using engines developed by Cummins and Westport Innovations (WPRT +0.8%). | Apr. 24, 2013, 11:21 AM | 3 Comments
Mar. 21, 2013, 3:58 PM
CMI vs. ETF Alternatives
Other News & PR