Macquarie Downgrades Navistar International (NAV) to Underperform
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Volkswagen buys Navistar stake for $256 million in trucks push
September 6, 2016 7:54 AM EDTBy Edward Taylor
FRANKFURT (Reuters) - Volkswagen has agreed an engine technology and purchasing alliance with truckmaker Navistar (NYSE: NAV) and will buy a 16.6 percent stake in the U.S. firm for $256 million, as global truck makers face steep development costs to meet global anti-pollution rules.
The deal is expected to help both sides cut costs, give Volkswagen's trucks business a long-desired foothold in North America and provide a source of new engines for Navistar, which has been looking for a partner ever since its heavy-duty diesel truck engine failed get approval from... More
Wall St. ends up on views Fed will hold off on rates
September 6, 2016 7:38 AM EDTBy Caroline Valetkevitch
(Reuters) - U.S. stocks rose slightly on Tuesday, nudging the Nasdaq to a record high close, as economic data bolstered views the Federal Reserve may decide against raising interest rates in the near term.
The S&P financial index , which tends to rise with expectations for higher rates, slipped 0.2 percent, while the S&P utilities index , which tends to benefit from a lower rate environment, rose 1.1 percent.
A weaker-than-expected reading on the U.S. services sector in August added to views the Fed... More
Navistar (NAV) Enters Strategic Alliance with Volkswagen Truck & Bus, Including Equity Investment
September 6, 2016 7:01 AM EDTNavistar International Corporation (NYSE: NAV) today announced that it has formed a wide-ranging strategic alliance with Volkswagen Truck & Bus, which includes an equity investment in Navistar by Volkswagen Truck & Bus and framework agreements for strategic technology and supply collaboration and a procurement joint venture.
The agreements expected to be entered into in connection with the alliance will enable Navistar to offer customers expanded access to leading-edge products and services through collaboration on technology and the licensing and supply of Volkswagen Truck & Bus's products and components, while better optimizing its product development spend. The... More
