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Jun 27, 2008 -- Paving the way to relisting on the New York Stock Exchange, Navistar International Corporation (OTC BB: NAVZ | Quote | Chart | News | PowerRating) today filed first and second quarter 2008 form 10-Qs with the Securities and Exchange Commission. "We're happy to be caught up with our financial reporting. We will keep our focus on delivering on our commitments to shareholders," said Daniel C. Ustian, Navistar chairman, president and chief executive officer. "In one of the weakest commercial truck markets in recent history, we are set to surpass our $15 billion revenue goal for 2009 a year early and to realize nearly $1 billion in manufacturing segment profit." The company reported net sales and revenue of $6.9 billion for the first half of fiscal 2008, a 13 percent increase over the same period in 2007. Manufacturing segment profit was $424 million, doubling 2007 performance of $208 million. Net income was $162 million, or $2.22 per diluted share, an improvement of $175 million or $2.41 per diluted share over the first half of fiscal 2007. "We look forward to our return to a premier exchange so that we can offer shareholders the best venue for optimal liquidity," Ustian said. Navistar common stock will resume trading June 30 on the New York Stock Exchange under its original ticker symbol NAV; Navistar preferred stock will trade under NAVPrD.
Jun 27, 2008 -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), today announced that the Quantum-powered Fisker Karma, a high-performance hybrid sports sedan built through a partnership with green automaker, Fisker Automotive, Inc., is featured in the July 2008 edition of the CAR Magazine, a U.K. publication focusing on trends and technology in the automotive industry. "We're very excited to see the car featured in such a popular publication," said Alan P. Niedzwiecki, president and CEO of Quantum. "We continue to see growing interest in the Karma, both from traditional car enthusiasts and eco-conscious drivers around the world." The five-page article by Ben Oliver is part of a feature entitled, "Cars to Save the Car," and highlights the unique features of the Karma, as designed by the CEO of Fisker Automotive, Henrik Fisker, who formerly designed the Aston Martin's DB9 and BMW's Z8 roadster. The piece details Fisker's success in creating a car that delivers high-speed performance, luxury style, and zero-emissions, all at a reasonable price tag for a luxury sports sedan of US$80,000. The Fisker Karma, as Oliver notes, is one of the first green technology vehicles "to go on sale in big numbers, at a viable price and to make a major dent on emissions and oil use." Quoting Henrik Fisker in the article, Oliver writes: "'Usually, enthusiasts are the first to buy a new car, environmentalists the last. We've united the two. You don't get as much reaction in a cool sports car now; people don't look at you and say 'lucky guy.' That's why you see movie stars in Priuses. People are just amazed and surprised that they can now have a truly sexy environmental car. This is the car they've been waiting for. Consumers are ahead of the car companies' here.'" Fisker expects to deliver 100 of the luxury hybrids by the end of 2009 with full production commencing in 2010.
Jun 27, 2008 -- Due to growing demand for large radial farm tires, Titan Tire Corporation, a subsidiary of Titan International Inc. (NYSE: TWI), will add 10 new 130-inch cure presses. It is anticipated that these presses are to be installed by the first quarter of 2009 at Titan Tire facilities. If demand warrants, an additional 10 presses could be installed in the second quarter of 2009. "The reason for this expansion in curing capacity is two fold," said Titan Chairman and CEO Maurice M. Taylor Jr. "One, Titan has promised its major customers that there should be no shortages of radial tires, and two, Titan believes that tire sizes will continue to grow. To our knowledge, 130-inch presses have not been produced in the USA, until now. These presses will be American made. We anticipate this multi-million dollar expansion to be paid for out of current cash flow."
Jun 27, 2008 -- Tennant Co. (NYSE: TNC | Quote | Chart | News | PowerRating) has sold the assets of its Centurion street sweeper products to Cedar Falls, Iowa-based Wayne Sweepers for an undisclosed sum. Tennant, a Golden Valley-based maker of cleaning equipment and solutions, said in 2006 it would stop production of it Centurion chassis-mounted street sweepers, and then discontinued the product. The latest deal with Wayne Sweepers consisted of intellectual property. A spokeswoman for the company said that company wanted to focus more on its core business of non-chassis mounted sweepers. It made no layoffs in the process, as all of its employees were shifted to other areas in the transition out of the business line. The Centurion was Tennant's first street sweeper, and was introduced in 2002. During 2006, the Centurion contributed approximately $11 million to net sales. An official for Wayne Sweepers said the company would add the assets to its Gladiator sweeper line.
Market Wrap for June 27th, 2008
Friday's record oil prices fed the dour mood on Wall Street and cast a shadow on positive consumer spending data. In turn, the major indices each closed lower, extending the week's losses. Week-to-date, the S&P 500 lost 2.9%, the Dow Jones Industrials Average lost 4.1%, and the Nasdaq fell 3.8%. Crude prices rallied all the way to $142.99 per barrel to set a new all-time intraday high. In the end, prices eased as oil closed slightly higher at $140.25 per barrel on the Nymex. Crude prices are up more than 45% year-to-date. Financials finished the session as the worst performing sector. The sector closed 1.3% lower, as every one of its industry components finished lower, except insurance brokers (+1.9%). For the week, financials lost 6.5%. Merrill Lynch (MER 32.70, -0.35) grabbed its share of attention as reports indicated the firm may incur additional write-downs and may sell its stake in BlackRock (BLK 177.64, -3.06). Speculation of write-downs had limited affect on shares of MER, given that Goldman Sachs made the same inference yesterday. According to Financial Times, InBev is making a hostile bid for Anheuser-Busch (BUD 62.26, +0.91) after Anheuser-Busch rejected the Belgian brewer's offer for being inadequate and contrary to shareholders' best interest. The day's primary economic release was largely overlooked. Real personal consumption expenditures (PCE) data for May were up 0.4%. April was revised upward to a 0.2% increase. In turn, the second quarter average of April and May data 0.5% above the first quarter average, which is already a 2% annual rate of growth. Since another gain is likely in June, due to spending resulting from the fiscal stimulus, this puts real PCE on track to post a 2.5% annual rate of growth in the second quarter. Recall, PCE represents approximately 70% of GDP. The University of Michigan's final consumer confidence survey for June came in at 56.4, which is a bit below expectations and last month's reading. The June reading marks a new multiyear low.
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