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updated: 6/29/2012 4:07 PM

Navistar advances after report on Cummins engines

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  • A $90 million renovation was part of Navistar's move to Lisle.

      A $90 million renovation was part of Navistar's move to Lisle.
    Daily Herald

 
Bloomberg News

Navistar International Corp., which is trying to get its 13-liter truck engine certified for sale in the U.S., rose 11 percent after a report that the company may start offering Cummins Inc. engines in addition to its own MaxxForce product.

Navistar rose to $28.37 at 4:15 p.m. in New York, the most in three weeks. The shares have dropped 25 percent this year after falling 35 percent last year.

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The company plans to offer Cummins engines, OTR Global LLC said today in a report, citing two unidentified fleet executives. One of the executives said trucks will be available in 2013, according to the report. Karen Denning, a Navistar spokeswoman, said the company doesn't respond to "rumor and speculation."

Navistar, based in Lisle, Illinois, is struggling to meet 2010 federal emission standards for its 13-liter heavy truck engine. Earlier this month, the company lowered its full-year profit forecast to a range of break-even to $2 a share, excluding some costs. Navistar in February forecast 2012 profit of as much as $5.75 a share. The company reduced the figure to a maximum of $5.25 a share in March.

Cummins jumped 5 percent to $96.91, the biggest increase since March 13. Carole Casto, a spokeswoman for the Columbus, Indiana-based company, didn't return a call seeking comment.

Billionaire investor Carl Icahn boosted his stake in Navistar this month to 11.9 percent. Hedge-fund manager Mark Rachesky took a 13.6 percent stake and said in a June 25 disclosure statement he planned to talk to management about the "business, operations, strategy and future plans."

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