Navistar tumbles after truck reorganization news
Shares of Navistar International Corp tumbled more than 19 percent on Tuesday after the company said it was reorganizing its commercial vehicle business to cope with what it called "one of the worst North American truck markets in recent history."
Shares of the truck and engine maker were down $4.47, or 19.4 percent, at $18.60 on the New York Stock Exchange. Less than six months ago, the stock fetched more than $73.
The latest round of selling came after Navistar said late on Monday that it was revamping its operations and cutting unspecified number of jobs "as functions are consolidated and streamlined to align with market conditions."A company spokesman declined to comment on Tuesday's market move.
Navistar had said it would organize its truck segment into four business units: North American truck operations, global truck operations, global bus operations and defense.
Previously, the company's truck operations were segmented by vehicle size or type.
Views:0
- VW Offers $2.9bn for Control of US Truckmaker Navistar 2020-02-04
- Navistar Posts Its First Annual Profit Since 2011 2017-12-21
- VW Teams Up with Navistar to Introduce Medium-Duty Electric Truck in 2019 2017-09-30
- Navistar Brings Electric Medium-Duty Truck in North America 2017-09-28
- JAC Navistar Diesel Engine Company Foundation Ceremony Held in Hefei 2014-09-15
- Navistar to Move Mid-range Engine Production out of Huntsville 2014-02-21
- Navistar Begins Supply of DuraStar Vehicles 2014-01-06
- HD Trucks of JAC-Navistar under Approval 2013-07-15
- Navistar Launches Terra Star 4X4 Truck 2013-06-03
- JAC Navistar MaxxForce engine debut in Engine China 2012 2012-09-14
Submit Your Requirements, We Are Always At Your Service.
- World’s First All-electric Scania Car Transporter Goes into Service
- China’s First Mining Specialized Remote Sensing Satellite Launched
- SINOTRUK Delivers Full Year 2022 Results, Heavy Truck Sales Down 52.50%
- FOTON and Cummins Team up to Build a New Engine Plant in Thailand
- SANY Awarded as 2022 Forbes China TOP 50 Sustainable DEV Industrial Enterprises
- Daimler Trucks and Buses Signs Deal with XCMG Fire Fighting
- FAW Jiefang Sichuan Branch Was Officially Established
- Bus & Truck Expo Set to be Held in May 2023
- Yutong, SCG Signed MoU for Green Mining in Thailand
- CAT Displays Its First Battery Electric Large Mining Truck
- Half Year Review of Commercial Vehicle Sales
- China Exported 63,000 Trucks in May, Up 33% YoY
- Top 10 Best-selling Battery-swapping Heavy Trucks in China in April
- China Exported 158,000 Trucks in Q1, Up 41% YoY
- China’s Truck Exports Grew by 43.8% YoY to 46600 Units in Feb., 2023
- China’s Heavy Truck Sales Rising 29% YOY to 77200 in Feb
- China Exports 567,000 Trucks in 2022, Hitting a New High in a Decade
- China’s Pickup Exports Jumped 65% YOY in 2022
- China's Truck Exports Grew by 42% YOY to 53,000 Units in November
- Heavy Truck Sales in China Fell by 9% YoY to 46000 Units in Nov.
