Cars and Drivers
Navistar Snags Another Downgrade Despite Pop in Shares
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Navistar International Corp. (NYSE: NAV) is trading higher today after some of yesterday’s big trading losses, but a research note is likely going to weigh on the shares even if it is from a small research firm. A firm called Barrington Research has lowered its rating to Market Perform from Outperform based upon the headwinds and upon a loss in the quarter that will create a long-term dig out from its engine strategy. Barrington referred to the transition period as a painful one.
Navistar shares have traded in a 52-week range of $20.07 to $48.18, and shares were down as low as $21.53 Friday morning. Investors need to be advised here that the 52-week low is just from Thursday.
As of 10:55 AM EST, we have Navistar shares up by some 4.3% at $22.37 on the day.
JON C. OGG
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