Stock Story -
What Happened: Shares of engine manufacturer Cummins (NYSE:CMI) jumped 6.7% in the morning session after the company reported a "beat and raise" quarter. Second-quarter results blew past analysts' revenue and EPS expectations. Its Engine revenue also topped Wall Street's estimates. Moving on, the company raised its full-year 2024 revenue guidance to be down 3% to flat "due to stronger than expected demand across several markets, especially in North America on-highway and power generation." Zooming out, we think this was a great quarter that shareholders will appreciate.
Is now the time to buy Cummins? Find out by reading the original article on StockStory, it's free.
What is the market telling us: Cummins's shares are not very volatile than the market average and over the last year have had only one move greater than 5%. In context of that, today's move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Cummins is up 27.6% since the beginning of the year, and at $307.56 per share, has set a new 52-week high. Investors who bought $1,000 worth of Cummins's shares 5 years ago would now be looking at an investment worth $1,926.
![Why Cummins (CMI) Stock Is Up Today](https://d68-invdn-com.investing.com/content/pic1587304a03ffb1ce84e15f37e7d6f606.jpeg)