Cummins Inc. http://www.alacrastore.com/company-snapshot/Cummins_Inc-1004533 Sunday, October 12, 2008 4:19:11 AM 1004533 Cummins Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/55552cs/55552norm Automotive and Capital Goods: Annual OPEB Study We release our annual OPEB study while also taking a look at the dominant variables in the OPEB picture, some bellwether legal battles, and how this all sets the stage for a wild finish...555528024YesD0Article20562213812020559551342154147580749142121205212250344812794185520544653649118131689281194720445corp/reportshy26123Pensions51LBO5Structural Subordination76Recovery Rates90Covenants43Litigation34Companies with Convertibles33Capital Structure42High Yield55Bankruptcy49M&A Activity54Euro Markets Issuers10/8/2008 12:06:58 PM150We look at some OPEB legal battles and frame the relative exposure across the autos and cap goods in our annual OPEB study. Bottom line: there is still too much oversimplification of OPEB risk going on.55552Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74186cs/74186norm Autos and Manufacturing: #H September Short Interest Report In the most recent measurement period, less than half of the names recorded an increase in SI levels with the rise in short interest being focused on the diversified industrial...741861753YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest9/25/2008 10:05:54 PM150This measurement period for short interest ceased to be relevant the day Lehman filed after the measurement deadline, but there are still some interesting trends before and since across some key names.74186Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/670545spcred/670545normThe latest Full Report from S&Pglobal9/10/2008 6:27:20 PM400Full Report670545United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersCorporationsAerospace & DefenseAutomotiveCapital GoodsFull ReportLeading market shares; Good technologies; End-market and geographic diversity; and Improving cost structure. Cyclical and highly competitive end markets; Limited pricing flexibility; and Sizable R&D and capital expenditure required to meet increasingly strict diesel engine emissions standards. The ratings on Columbus, Ind.-based Cummins Inc. reflect the company's satisfactory business profile as a major global manufacturer of diesel and natural gas engines, electric power generation systems, and engine-related components. Standard&Poor's Ratings Services' ratings also reflect Cummins' intermediate financial profile, which includes moderate adjusted credit ratios. Although Cummins' main businesses are highly cyclical and face significant competition and emissions-related technology risk, an improved cost structure and stronger financial profile should allow the company to maintain adequate leverage and liquidity throughUSA23102L23102M23102P23102120106010 201060 2010 20Cummins Inc.100619EMERGINGLATAMERICAUSACMIFULLGLOBISSCORPAerospaceAutomotiveCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/670546spcred/670546normThe latest Summary from S&Pglobal9/10/2008 6:27:00 PM175Summary670546United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersCorporationsAutomotiveAerospace & DefenseCapital GoodsSummaryThe ratings on Columbus, Ind.-based Cummins Inc. reflect the company's satisfactory business profile as a major global manufacturer of diesel and natural gas engines, electric power generation systems, and engine-related components. Standard&Poor's Ratings Services' ratings also reflect Cummins' intermediate financial profile, which includes moderate adjusted credit ratios. Although Cummins' main businesses are highly cyclical and face significant competition and emissions-related technology risk, an improved cost structure and stronger financial profile should allow the company to maintain adequate leverage and liquidity through the economic cycle. Cummins' products service a number of end markets, including heavy- and medium-duty trucks, buses, and light commercial vehicles. The company also sells engines and power generation equipment to general industrial markets. Cummins has goodUSA23102L23102M23102P23102120106010 201060 2010 20Cummins Inc.100619EMERGINGLATAMERICAUSACMISUMMARYGLOBISSCORPAutomotiveAerospaceCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/73735cs/73735norm Autos and Manufacturing: #H August Short Interest Report Solid #H August stock returns and the decline in short interest are probably tied more to a slide in oil prices rather than any cyclical excitement or any signs of a turnaround...737351535YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest9/3/2008 11:06:00 PM150Short interest numbers swing back in 1H Aug and inflict some pain on the shorts. The across-the-board weakness subsequent to the measurement period dulls excitement for the longs around a short squeeze and fundamentals remain under the gun.73735Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/CCN-0001-27481110newstex/CCN-0001-27481110xml VANCOUVER, BRITISH COLUMBIA, Aug. ##, #### (Marketwire delivered by Newstex) -- Westport Innovations Inc. (TSX:WPT)(NASDAQ:WPRT), a global leader in alternative fuel, low-emissions transportation technologies, announced today that it...060000000600100006001002060010030600500006005001040000000401600004016013040050000400500104005011040050078/18/2008 10:19:06 AM180000001801500018022000Marketwire CanadaCCN-0001-27481110CUMMINS INCLIQUEFIED NATURAL GAS LTDWESTPORT INNOVATIONS INCCMILNGLFWPRTWPTNewsNewstexhttp://www.alacrastore.com/storecontent/cs/73222cs/73222norm Autos and Manufacturing: #H July Short Interest Report After a stretch of extreme pain, a nice favorable drift in the short interest numbers was reported. Short interest shows hints of a reprieve for autos (for now) during this last...732221848YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest8/15/2008 12:06:42 AM150The short interest numbers showed some rare relief for the auto and discretionary consumer cap goods names as did the stock returns across the group. Since fundamentals are hardly turning, oil appears to be the main driver for now.73222Credit & Investment ResearchCreditSightsCHINA - Beiqi Foton Motor Co Ltd (BF) agreed to raise its interest to ##% from ##.##%, by acquiring a further ##.##% stake in Beijing Foton Cummins Engine Co Ltd, a light-duty diesel engines and a ##:##.##:##.##:## joint venture among Cummins (China) Investment Co Ltd (CC), BF, Beijing Foton Environmental Power Co Ltd (BE) and Cummins Inc (CI), from BE, for ###.## mil Chinese yuan ($##.### mil US). CC was a wholly-owned unit of CI. The transaction was approved by the board of directors and still subject to the shareholders' approval.8/6/2008 9:47:17 AM36071Q07857N36071Q231021Beiqi Foton Motor Co LtdBeijing Foton Cummins Engine Co LtdBeiqi Foton Motor Co LtdCummins Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Beiqi_Foton_Motor_Co_Ltd_acquires_Beijing_Foton_Cummins_Engine_from_Cummins_Inc-2001554040sdc/20015540402001554040Copyright © 2008, Thomson Financial, All Rights ReservedShanghaiTransportation EquipmentChinaMotor vehicles and passenger car bodies3711FFForeignPublic6001663523:Farm machinery and equipment3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies3715:Truck trailers3792:Travel trailers and campers5012:Automobiles and other motor vehicles5083:Farm and garden machinery and equipment3523:Farm machinery and equipment3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies3715:Truck trailers3792:Travel trailers and campers5012:Automobiles and other motor vehicles5083:Farm and garden machinery and equipmentMachineryChinaInternal combustion engines, nec3519FFForeignJoint Venture558678003Mnfr,whl motor vehiclesMnfr,whl diesel enginesCashCash OnlyStock1002736001Aug 6 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000CY31 Mar 080.0000064.790000.000004238.129001495.54900Chinese Yuan0.000001.000002.000003.000004.000005.000006.000007.00000Beiqi Foton Motor Co Ltd is amotor vehicles manufacturerand wholesaler, headquarteredin China. Other productsinclude farm machinery andequipment. The company wasfounded in 1996.Beiqi Foton Motor Co Ltd is a motor vehicles manufacturerand wholesaler, headquartered in China. Other productsinclude farm machinery and equipment. The company wasfounded in 1996.Beiqi Foton Motor Co Ltd is a motor vehicles manufacturer and wholesaler, headquartered in China. Other products include farm machinery and equipment. The company was founded in 1996.1.000002.000003.000004.000005.000006.00000Beijing Foton Cummins EngineCo Ltd, located in Beijing,China, manufactures 2.8- and3.8-litre light-duty dieselengines. The company wasfounded in 2008.Beijing Foton Cummins Engine Co Ltd, located in Beijing,China, manufactures 2.8- and 3.8-litre light-duty dieselengines. The company was founded in 2008.Beijing Foton Cummins Engine Co Ltd, located in Beijing, China, manufactures 2.8- and 3.8-litre light-duty diesel engines. The company was founded in 2008.0.000000.000000.000000.00000NChinese Yuan04 Aug 08Mon, 04 Aug 2008 00:00:00 ESTDate Announced: 08/04/2008Date Effective:Acq. Maj. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.00000126.52 Chinese Yuan126.520000.00000126.52 Chinese Yuan126.520000.000000.000000.000000.00000126.52000126.52 Chinese Yuan0.14600N9.430000.000000.000000.000000.000000.0000018.4940018.494000.000000.000000.000000.000000.000000.0000037.4500012.550000.000000.000000.000000.000000.000000.000000.000000.00000935.654000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.00000CHINA - Beiqi Foton Motor CoLtd (BF) agreed to raise itsinterest to 50% from 37.45%,by acquiring a further 12.55%stake in Beijing Foton CumminsEngine Co Ltd, a light-dutydiesel engines and a40:37.45:12.55:10 jointventure among Cummins (China)Investment Co Ltd (CC), BF,Beijing Foton EnvironmentalPower Co Ltd (BE) and CumminsInc (CI), from BE, for 126.52mil Chinese yuan ($18.494 milUS). CC was a wholly-ownedunit of CI. The transactionwas approved by the board ofdirectors and still subject tothe shareholders' approval.CHINA - Beiqi Foton Motor Co Ltd (BF) agreed to raise its interest to 50% from 37.45%, by acquiring a further 12.55% stake in Beijing Foton Cummins Engine Co Ltd, a light-duty diesel engines and a 40:37.45:12.55:10 joint venture among Cummins (China) Investment Co Ltd (CC), BF, Beijing Foton Environmental Power Co Ltd (BE) and Cummins Inc (CI), from BE, for 126.52 mil Chinese yuan ($18.494 mil US). CC was a wholly-owned unit of CI. The transaction was approved by the board of directors and still subject to the shareholders' approval.CHINA - Beiqi Foton Motor Co Ltd (BF) agreed to raise its interest to 50% from 37.45%, byacquiring a further 12.55% stake in Beijing Foton Cummins Engine Co Ltd, a light-dutydiesel engines and a 40:37.45:12.55:10 joint venture among Cummins (China) Investment CoLtd (CC), BF, Beijing Foton Environmental Power Co Ltd (BE) and Cummins Inc (CI), from BE,for 126.52 mil Chinese yuan ($18.494 mil US). CC was a wholly-owned unit of CI. Thetransaction was approved by the board of directors and still subject to the shareholders'approval.CHINA - Beiqi Foton Motor Co Ltd (BF) agreed to raise its interest to 50% from 37.45%, by acquiring a further 12.55% stake in Beijing Foton Cummins Engine Co Ltd, a light-duty diesel engines and a40:37.45:12.55:10 joint venture among Cummins (China) Investment Co Ltd (CC), BF, Beijing Foton Environmental Power Co Ltd (BE) and Cummins Inc (CI), from BE, for 126.52 mil Chinese yuan ($18.494 milUS). CC was a wholly-owned unit of CI. The transaction was approved by the board of directors and still subject to the shareholders' approval.CHINA - Beiqi Foton Motor Co Ltd (BF) agreed to raise its interest to 50% from 37.45%, by acquiring a further 12.55% stake in BeijingFoton Cummins Engine Co Ltd, a light-duty diesel engines and a 40:37.45:12.55:10 joint venture among Cummins (China) Investment Co Ltd(CC), BF, Beijing Foton Environmental Power Co Ltd (BE) and Cummins Inc (CI), from BE, for 126.52 mil Chinese yuan ($18.494 mil US). CCwas a wholly-owned unit of CI. The transaction was approved by the board of directors and still subject to the shareholders' approval.Pending2067.90700453.6830029677.1140010472.444000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000003519:Internal combustion engines, nec3714:Motor vehicle parts and accessories558678003ShanghaiChina3711ForeignPublic6001663519:Internal combustion engines, nec3714:Motor vehicle parts and accessories5013:Automotive parts, supplies1623003New YorkUnited States3714IndianaPublicCMI18.49400126.5200018.494009.43000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/72749cs/72749norm Cummins #Q## Tearsheet Cummins (CMI) has posted a dramatic rebound in operating performance over the years as restructuring efforts have yielded impressive results and end-market demand has been strong. This is on top of management's...72749514YesC21Tearsheet47tearsheets/premium48/5/2008 5:05:02 PM15072749Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72440cs/72440norm High Value Names In A Highly Volatile Environment As the difficult times in investment markets continue, we once again filter our coverage universe for defensive names across a breadth of sectors that offer appeal at current levels...724404094YesD0Article10127629306705808356623031206237136871420212046141741351141594442338585149046010240315821432550472871287159997199336238895545116985hystrategy2931338221413093260416515283872351789Strategy Most Read Research7/30/2008 11:05:00 PM150As the difficult times in investment markets continue, we once again filter our coverage universe for defensive names across a breadth of sectors that offer appeal at current levels72440Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72477cs/72477norm Cummins #Q##: Not Your Father's Diesel Maker Cummins reported its best quarterly financial results, which is particularly impressive given the economic backdrop and when one considers that the company used to be one of the most cyclical...47corp468Earnings Reports - Industrials/Consumer7/30/2008 9:05:00 PM150Cummins reported impressive second quarter results especially when one considers that it used to be one of the most cyclical names in the capital goods sector.724771165YesD0Article72477Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1716626ccbn/B1716626norm...Management discussed #Q## results, reporting net earnings of $###m on sales of $#.#b. Guidance was for #### revenue growth of ##%. ... 7/30/2008 2:06:00 PMCummins Inc.54.0000EditedCummins Inc. Q2 2008 Earnings Conference Call SummaryCMI10:00am ETBriefB1716626Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1716626ccbn/T1716626norm...Good day ladies and gentlemen, and welcome to the Q# #### Cummins Incorporated earnings conference call. My name is Marsha, and I will be your coordinator for today's call. At this time, all participants are in a listen-only mode. We will conduct a question and answer session towards the end of this conference. (OPERATOR INSTRUCTIONS). I would now like to turn the call over to Mr. Dean Cantrell, Director of Investor Relations. You may proceed, sir. ... 7/30/2008 12:06:00 PMCummins Inc.54.0000FinalCummins Inc. Q2 2008 Earnings Conference Call TranscriptCMI10:00am ETTranscriptT1716626Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/72313cs/72313norm Autos and Manufacturing: #H July Short Interest Report The short interest keeps spiking for auto and manufacturing leaders and the negative stock returns keep on rolling in. AXL and Brunswick break through into that rarified air of...1385038121221378521228412045211411411421218014434455214074946185544511999764979453118131666813513414891365447820133corp4254Euro Markets Issuers59Short Interest7/29/2008 11:07:00 PM1501H July short interest numbers adequately reflect the ugly state of affairs in the market with SI levels of the leaders breaking above prior highs and a few all-time records across the group. AXL at almost 36% of float is an eye opener.1462YesD0Article9957231372313Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-27012176newstex/PRN-0005-27012176xml MILWAUKEE, Jul. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Harley-Davidson, Inc. (NYSE: HOG) has announced the election of Thomas Linebarger to the Company's Board of Directors, effective today. Linebarger, a senior executive...04000000040060001100000011006000090000000901500004016000040160087/29/2008 5:17:35 PM1800000018007000PR Newswire USPRN-0005-27012176CUMMINS INCHARLEY-DAVIDSON INC.BARRY K ALLENDONALD A JAMESGEORGE H CONRADESGEORGE L MILES JRJAMES A NORLINGJAMES L ZIEMERJEFFREY L BLEUSTEINJOCHEN ZEITZJUDSON C GREENRICHARD I BEATTIESARA L LEVINSONCMIHOGNewsNewstexhttp://www.alacrastore.com/storecontent/cs/4463cs/4463norm Health Care Costs: High Fever Still ▪ Health benefit costs increased ##.#% in ####, the largest increase since ####, and are expected to rise in the ##% range in ####▪ Large health cost increases in a weakening economy have...10583934Companies with Convertibles14Regulatory Matters7/25/2008 4:06:04 PM150Health benefit costs increased 14.7% in 2002, the largest increase since 1990, and are expected to rise in the 14% range in 2003. Escalating health care costs remain a particular threat for mature, unionized cyclicals.44631822YesD0Article780454343335634517825065006408803325312056562472044142289221205522519corp14463Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0001-26759821newstex/PRN-0001-26759821xml TAMPA, FL, Jul. ##, #### (Canada NewsWire Group delivered by Newstex) -- /CNW/ -- Gerdau Ameristeel (TMX: GNA, NYSE: GNA), a leading mini-mill steel producer, today announced the appointment of Rick J. Mills, former Corporate Vice President...090000000901500004000000040160000401600804002000040020047/18/2008 10:18:14 AM1800000018007000Canada NewsWire GroupPRN-0001-26759821CUMMINS INCGERDAU AMERISTEEL CORPROHM & HAAS CORICK J MILLSCMIGNAROHNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26759787newstex/PRN-0005-26759787xml Jul. ##, #### (PR Newswire delivered by Newstex) -- TAMPA, FL, July ## /PRNewswire-FirstCall/ - Gerdau Ameristeel (TMX: GNA, NYSE: GNA), a leading mini-mill steel producer, today announced the appointment of Rick J. Mills, former Corporate...090000000901500004000000040160000401600804002000040020047/18/2008 10:18:14 AM1800000018007000PR Newswire USPRN-0005-26759787CUMMINS INCGERDAU AMERISTEEL CORPROHM & HAAS CORICK J MILLSCMIGNAROHNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/MW-0001-26758225newstex/MW-0001-26758225xml BURR RIDGE, IL, Jul. ##, #### (Marketwire delivered by Newstex) -- BURR RIDGE, IL -- (MARKET WIRE) -- ##/##/## -- Cummins Inc. (NYSE: CMI) and the Fiat Group (FIA.MI) subsidiaries CNH Global N.V. (NYSE: CNH) and Iveco S.p.A. have agreed...040000000401600004016013040110000401100204011006040110057/18/2008 8:16:24 AM18000000180150001801600018022000MarketwireMW-0001-26758225CNH GLOBAL N VCUMMINS INCCMICNHNewsNewstexhttp://www.alacrastore.com/storecontent/cs/71746cs/71746norm Autos and Manufacturing: #H June Short Interest Report The Top ## short interest names all posted negative stock returns for the measurement period, with # of ## in negative double-digit range. The auto equity picture was pretty grim...717461395YesD0Article99513850344451378521228412021141141142121805521443749116614046185544511999764979453118131613513454148913620813347corp4254Euro Markets Issuers59Short Interest42High Yield7/16/2008 10:06:09 PM150Another rough ride for the auto & consumer durable sectors in terms of equity performance is also evident in some concentrated short interest increases across the OEM & supplier chain. AXL retakes the lead from BC with GM hot on its trail.71746Credit & Investment ResearchCreditSights