miko1991
18 년 전
Sector Snap: Heavy Trucks
Monday July 9, 12:47 pm ET
Cummins and Paccar Hit 52-Week Highs Following Positive Analyst Comments
NEW YORK (AP) -- Shares of some heavy truck companies hit 52-week highs Monday after an analyst predicted that higher-than-expected profits are the horizon.
Cummins Inc., which makes diesel engines for heavy trucks, jumped $8.37, or 7.9 percent, to $114.86 in midday trading. Earlier, shares traded as high as $115.10, topping a previous 52-week high of $108.
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Peter Nesvold of Bear Stearns upgraded Cummins to "Outperform" from "Peer Perform," saying that new emissions rules will boost demand for its products.
Nesvold also upgraded Paccar Inc., which makes heavy trucks, to "Outperform" from "Peer Perform." He said investors have underestimated the value of company's aftermarket parts business.
Paccar shares rose $4.89, or 5.5 percent, to $93.70. Earlier, shares rose to $95, eclipsing a previous year high of $92.29.
Nesvold also raised his rating for Rush Enterprises Inc., a network of truck dealerships, to "Outperform," saying that it stands to benefit from higher-than-expected sales and boosts from recent acquisitions.
Rush's Class A shares surged $2.03, or 8.9 percent, to $24.83. The stock has traded between $14.76 and $25.68 over the past year.
Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.
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