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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of engine and truck maker Navistar International (NYSE: NAV ) fell 11% today after the company idled a plant.
So what: Navistar's West Point, Mississippi plant is suspending production, and 80 workers were notified of the change today. The sequester, and a drawdown in combat in Afghanistan, has led to lower demand for defense vehicles.
Now what: This isn't surprising given budget cuts, and Navistar has had a tough time adapting to a changing environment over the past year. The company's massive losses have put investors on edge, and even lower demand isn't good long term. This is definitely a "wait and see" stock, because I'd like to see a profit and growing revenue before jumping in, and Navistar is reporting just the opposite.
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