Bookkeeping: Cummins Engine (CMI) up 14% on... ?

I have no idea why Cummins Engine (CMI) is up 14% this AM to the $72s; I do see a news event involving Caterpillar (CAT), and Navistar but fail to see a direct connection - I could be missing the forest for the trees. Either way I am going to use this opportunity to cut back my position from a 1.6% stake to 0.6% (I actually bought some yesterday as it spiked downward to its 50 day moving average, but not enough of a stake to mention, so sort of lucked out on those shares)

If anyone can decipher why that news is good for Cummins or if there is something else going on behind the scenes with this name, feel free to add a comment. We'll buy back on future pullbacks.

[Apr 30: Cummins Engine Excellent Report on Strong International Sales]

Investors Business Daily has a nice writeup as of last Friday as well... myself, I just love how far advanced they are in the developing world... I call this type of company a stealth international but its still considered a "U.S. company".

• The ongoing trend toward making things more earth-friendly doesn't leave out diesel engines. Stricter emission standards for diesels are hitting the U.S. and other countries.
• Engine maker Cummins (NYSE:CMI - News) knows how to control emissions, so it's thriving in this regulatory environment, according to some analysts.
• "It's not that they are unique and nobody else can do it," said Eli Lustgarten, an analyst at Longbow Research. "But they have really developed a more systematic approach and have been able to deliver products faster that meet the new standards."
• A Cummins spokesman points out that the company is unique in being the largest diesel engine manufacturer that doesn't produce vehicles. Mark Land, the spokesman, says this lets Cummins concentrate on engines and emission standards.
• In addition to growth tied to industry-leading technology, analysts expect big gains from the company's exposure to emerging markets. Columbus, Ind.-based Cummins has formed joint ventures or other partnerships with large automakers in these markets, including Tata (NYSE:TTM - News) in India, Dongfeng and Foton in China, and Kamaz in Russia.
• This international exposure is helping the company weather the recent U.S. slowdown, according to Brian Rayle, an analyst at FTN Midwest.
• Other analysts say few companies can top Cummins' worldwide reach. Credit Suisse analysts said in a recent note that Cummins is one of the best ways to "play the global infrastructure cycle." Credit Suisse does investment banking work for the engine maker.
• International sales became the majority of Cummins' total sales for the first time in 2005. Last year, about 54% of the company's $13 billion in revenue came from outside the U.S. About 19% of 2007 sales came from Asia and Australia, with 18% from Europe and Russia, 9% from Latin America, and 5% from Africa and the Middle East.
• Despite the U.S. weakness, Cummins says it increased its market share in the North American heavy- and medium-duty truck markets.
• "One longer-term concern is the fact that on the heavy truck side in North America and globally, you are going toward a more vertically integrated structure," said Rayle, the FTN Midwest analyst. "More of the truck manufacturers are building their own engines."
• "The biggest challenge is execution for the company. The company has positioned itself with lots of opportunity from the new products, but that involves a dramatic increase in capital spending for the next five years," Lustgarten said.
• Cummins expects that high gas prices and environmental concerns will help increase demand in the U.S. for light-duty diesel engines, which are about 30% more fuel efficient than gasoline engines.

Long Cummins Engine in fund; no personal position