A little-known trucking company surges nearly 58% after Volkswagen makes a surprise offer to buy
US truck manufacturer Navistar's shares shot up in pre-market trading Friday, after Volkswagen said Thursday it could buy the company in cash.
The truck manufacturing industry struggled in 2019, and Navistar's stock trailed the S&P 500. It started out the new year on a decline.Hardly a household name, truck manufacturer Navistar's stock rose to sudden popularity Thursday, continuing into Friday's pre-market trading. Volkswagen, which already owns a 16.76% stake in Navistar, said it would pay entirely in cash. The two companies are some of the biggest in the truck-making industry.
The offer comes at a time when the broader trucking manufacturing industry is in a slump, with new orders in decline,. In its most recent earnings, Navistar's fourth quarter revenue declined versus the year prior. The stock started the year sliding downwards after it trailed the S&P 500 throughout 2019.
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