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[QUOTE]Originally posted by Jo4321: [QB] Interesting...bad news brings new highs for NAV. -------------------------------------------- Associated Press Navistar Hits New 52-Week High Associated Press 02.07.07, 12:36 PM ET Shares of Navistar International Corp. climbed in heavy trading Wednesday, after dropping on news that the New York Stock Exchange would go forward with plans to suspend trading of its shares. The Warrenville, Ill.-based heavy truck maker's shares rose 62 cents to $47.36 in midday trading, after bottoming out at $45 per share early in the session and then hitting a new 52-week high of $47.66 just a few hours later. The announcement, made after Tuesday's closing bell, initially sent Navistar shares down more than 7 percent in the aftermarket trading. Navistar said last month that it wouldn't be able to file its annual report with the Securities and Exchange Commission by the Feb. 1 deadline as a result of an ongoing accounting review. The company is in the process of restating financial results back to 2002. Navistar plans to appeal the delisting and expects to be quoted on the over-the-counter electronic bulletin board known as the Pink Sheets once the NYSE suspends trading in its shares at the end of trading Feb. 13. JPMorgan's Stephen Volkmann said that while the stock may trade lower in the near term in light of the news, the long-term impact should be minimal. He kept his "Overweight" rating on the company. "Navistar remains a high risk/high reward story, in our view," Volkmann wrote in a note to investors. "This delisting decision was expected, and does not reflect any new information on the company. In fact, putting this behind us should give interested investors a chance to participate in a story with one less risk ahead of it." David A. Bleustein of UBS Investment Research maintained his "Neutral" rating and $50 price target for the stock. "We believe that merger and acquisition related speculation will continue to support the stock's price despite company specific (delisting, accounting/financial) risks and expectations of a severe industry downturn in 2007," Bleustein said. Copyright 2006 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed [/QB][/QUOTE]
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