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Check out which companies are making headlines after the bell Thursday.
The layoffs will affect workers at the company's Fuel Systems Plant in Columbus, Columbus MidRange Engine Plant or the Seymour Engine plant, Cummins spokesman Jon Mills told The Republic for a story Thursday.
NEW YORK-- Fitch Ratings is boosting some of its ratings for Cummins, citing the engine maker's improving profitability, financial flexibility and other factors. The ratings agency raised Cummins Inc.' s issuer default rating and its long-term debt ratings one notch in investment-grade status to "A" from "A-."
Oct 12- Fitch Ratings has upgraded Cummins, Inc.' s Issuer Default Rating and long-term debt ratings to' A' from' A-'. The Rating Outlook is Stable. Debt to EBITDA at July 1, 2012 was 0.31 times, which is lower than many other' A' rated peers, and has been well below 1.0 x during the past several years.
The earnings season is smacking the stock market even before it’s begun.
Jim Cramer explains how the bulls and bears duked it out Wednesday, like two opposing teams on the football field.
Take a look at some of Wednesday's midday movers:
Weakening prices midday don’t necessarily mean the rally has ended, “Fast Money” pros said Wednesday on CNBC.
*Alcoa beats expectations but cautions of slowdown. *Yum Brands defies China sluggish growth, raises outlook. NEW YORK, Oct 10- U.S. stocks dipped on Wednesday as earnings season began with Alcoa forecasting slower demand for aluminum, while a profit warning from Chevron weighed on the energy sector.
*Credit Suisse raises Spectrum Brands Holdings Inc target price to $53. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
It's early in the third-quarter earnings season, but two trends are emerging.
*Alcoa beats expectations but cautions of slowdown. *Yum Brands defies China sluggish growth, raises outlook. NEW YORK, Oct 10- U.S. stocks were set for a slightly lower open on Wednesday as earnings season started with a warning from Alcoa about slower aluminum consumption, underscoring concerns about sluggish worldwide growth.
Take a look at some of Wednesdays morning movers.
NEW YORK-- Shares of Cummins Inc. tumbled ahead of Wednesday's market opening after the engine maker cut its revenue guidance for the year and announced plans to eliminate up to 1,500 jobs. The Columbus, Ind. company said late Tuesday that it now expects its 2012 revenue to total about $17 billion, down from its previous prediction of $18 billion.
*Alcoa beats expectations but cautions of slowdown. NEW YORK, Oct 10- U.S. stock index futures edged lower on Wednesday after Alcoa kicked off earnings season by warning of a slight slowdown in some markets, highlighting concerns about sluggish global growth, even as its quarterly results beat expectations. Alcoa shares lost 0.7 percent to $9.07 in.
NEW YORK, Oct 10- Cummins Inc:.
*BMO cuts Cummins Inc price target to $78 from $103; rating market. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
*Alcoa beats expectations but cautions of slowdown. *Yum Brands defies China sluggish growth, raises outlook.
PARIS, Oct 10- U.S. stock index futures pointed to a flat opening on Wall Street on Wednesday, with futures for the S&P 500 up 0.06 percent, Dow Jones futures down 0.07 percent and Nasdaq 100 futures up 0.02 percent at 0830 GMT.
*Barclays cuts Cummins Inc price target to $109 from $117; rating. Reuters Station users, click. 1568. Reuters Station users, click. 4899.