Top Takes From Real Money

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1. Navistar

By Tim Melvin
2:34 p.m. EDT The report out of Navistar(NAV Quote) this morning was horrible. Sales were down 30% and earnings fell 94%. The truck and engine manufacturer also lowered its guidance for 2009 to $2.80 to $3.10 a share. The previous guidance was for $5.10 to $5.60.

The press release called the current economic conditions for the industry the worst since 1962. CEO Daniel Ustian added that the recovery was going to take longer than expected.

I have to confess I am impressed the company has remained profitable. They have taken advantage of the bad times to gain market share and expand their military business.

The shares do appear to be ahead of themselves in trading today. The stock is up more than 2.5% so far today. The multiple of falling earnings is a tad high for my taste at almost 15 times the estimate. ...