Navistar tumbles after truck reorganization news
Shares of Navistar International Corp tumbled more than 19 percent on Tuesday after the company said it was reorganizing its commercial vehicle business to cope with what it called "one of the worst North American truck markets in recent history."
Shares of the truck and engine maker were down $4.47, or 19.4 percent, at $18.60 on the New York Stock Exchange. Less than six months ago, the stock fetched more than $73.
The latest round of selling came after Navistar said late on Monday that it was revamping its operations and cutting unspecified number of jobs "as functions are consolidated and streamlined to align with market conditions."A company spokesman declined to comment on Tuesday's market move.
Navistar had said it would organize its truck segment into four business units: North American truck operations, global truck operations, global bus operations and defense.
Previously, the company's truck operations were segmented by vehicle size or type.
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