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Cummins (CMI) Stock Slumps, Volkswagen, Navistar Deal a Risk, Stifel Says

NEW YORK (TheStreet) -- Shares of Cummins (CMI) were falling 6.36% to $118.14 on heavy trading volume mid-Tuesday morning after Volkswagen (VLKAY) and Navistar Int'l (NAV) announced they had entered into a strategic partnership.

Volkswagen confirmed this morning that it had taken a 16.6% stake in truck maker Navistar and that the companies have agreed to a procurement joint venture and to collaborate on certain technologies and supplies.

Following the announcement, Stifel said in a note cited by Barron's that the development could be "potentially negative" for Columbus, IN-based...