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NAVISTAR CONFRONTS SOME BUMPS IN THE ROAD: PROFIT WARNING COMES ON TOP OF EXIT BY KEY EXEC.
Crain's Chicago Business, July, 1999 by DANIELS, STEVE
After several quarters of smooth riding, Navistar International Corp. CEO John Horne is hitting potholes this summer. First came the sudden departure three weeks ago of the highly regarded president of Navistar's flagship truck group. And last week, the company's stock price slipped in the wake of a negative earnings surprise for the third quarter ending July 31.
The earnings disclosure brought at least a temporary halt to a steady nine-month rise in Navistar's stock price, propelled in part by persistent rumors of a buyout by Sweden's Volvo AB. Navistar told analysts that short-term profits are suffering from higher-than-expected costs associated with job cuts at its Springfield, Ohio, plant. The stock price was down 11% at midweek before regaining some...
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