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Navistar International (NYSE:NAV) delivers an earnings beat for its third quarter. EPS of $1.22 betters expectations by $2.56 while revenues at $3.32 billion are ahead of the street expectations by $360 million, though down 6 percent y-on-y. The company plans to save $70 million to $80 million after trimming its workforce and undertake a review of non-core businesses.
Ford (NYSE:F) has invested upwards of $2 billion in India and should have the capacity to build 450,000 vehicles and 600,000 engines by 2015, leading the automaker to plan exports of engines out of India for the first time.
Despite Sears Holdings (NASDAQ:SHLD) being taken off the S&P 500 Index, company CEO Eddie Lampert’s investment in about 2.4 million shares of the retailer last week at $52.75 is a vote of confidence in its fortunes.
Scott Price, president and CEO of Wal-Mart (NYSE:WMT) Asia, expects that India would soon permit foreign retailers to invest in the country’s massive retail industry, once political showmanship plays out and the advantages of the improvement in logistic systems dawn on policy-makers.
According to the WSJ, Lloyds (NYSE:LYG) is under investigation by the The U.K.’s Financial Services Authority for the manner in which it controlled commissions paid to employees selling its financial products. The FSA found rampant misselling of financial products during its recent crackdown. “Twenty out of the 22 firms we assessed had features in their incentive schemes that increased the risk of mis-selling,” the FSA said.
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