Cummins Pops 5% on Navistar Rumor
Shares of both Cummins (NYSE: CMI) and Navistar (NYSE: NAV) have seen increased strength during Friday's trading session after rumors circulated that Navistar is considering offering Cummins' engines in Navistar's vehicle fleet.
Navistar International manufactures and sells commercial and military trucks, buses, diesel engines, recreational vehicles, and chassis, as well as provides service parts for trucks and trailers.
Cummins designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates in four segments: Engine, Components, Power Generation, and Distribution.
Benzinga called a spokesperson and Navistar and he would not comment on any new deal with Cummins.
Currently, shares of Cummins are trading up around 5% at $96.70 per share. Navistar is trading about 10% higher at $28.11 per share. There has been takeover chatter in the name over the past few weeks.
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