Cummins Inc
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Industrials : Machinery | Mid Cap Blend
Company profile

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas, electric and hybrid powertrains and powertrain-related components. It is also a supplier of engine braking, cylinder deactivation, start and stop and thermal management technologies. Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck. The Distribution segment consists of sales and support of a range of products and services. including power generation systems, high-horsepower engines, and heavy-duty and medium-duty engines. The Components segment supplies products, including aftertreatment systems, turbochargers, filtration products, electronics and fuel systems. The Power Systems segment consists of businesses, including power generation, industrial and generator technologies. The New Power segment focuses on hydrogen production and electric drive systems.

Closing Price
$250.90
Day's Change
-5.21 (-2.03%)
Bid
--
Ask
--
B/A Size
--
Day's High
257.69
Day's Low
249.25
Volume
(Heavy Day)
Volume:
1,267,730

10-day average volume:
863,741
1,267,730

Credit Suisse shares tumble after bank flags $1.6 billion 4Q loss amid wealth management strain

5:32 am ET November 23, 2022 (MarketWatch)
Print

By Ed Frankl

Credit Suisse Group AG shares tumbled in Wednesday morning trading after the bank said asset outflows at its wealth-management business would lead to a fifth consecutive quarterly loss.

Shares (CSGN.EB) at 0830 GMT were down 4.9% to CHF3.66.

The Swiss lender said it expects to post a loss before taxes of around 1.5 billion Swiss francs ($1.58 billion) in the fourth quarter, after lower deposits and assets under management led to reduced commissions and fees.

The bank, Switzerland's second-largest by assets, said that its net-asset outflows in the quarter to Nov. 11 were around 6%, or $88.3 billion of its total $1.47 trillion assets under management.

At the bank's wealth-management arm, its key business serving the world's rich, customers removed $66.7 billion.

It came after the Zurich-based company experienced deposit and net-asset outflows in the first two weeks of October, it said, after social-media reports and a spike in credit-default swaps caused a frenzy over the bank's financial position.

The bank said the outflows led its liquidity to fall below some local-level legal requirements, but it maintained its required group-level liquidity and funding ratios at all times.

Write to Ed Frankl at edward.frankl@dowjones.com

-Ed Frankl

	

(END) Dow Jones Newswires

November 23, 2022 05:32 ET (10:32 GMT)

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