Shares of diesel engine maker Cummins Inc. tumbled 4.1% in morning trade Friday toward a 2 1/2-month low, in the aftermath of Tesla Inc.’s unveiling of its new electric-powered Semi truck. Stifel Nicolaus analyst Michael Baudendistel said at Cummins’ analyst workshop ending Thursday morning–Tesla’s unveiling was after Thursday’s close–Cummins made a case that it was more than just a diesel engine company. In addition, Baudendistel said that Cummins indicated that the vehicle type that was not well suited for electrification is long-haul, over-the-road heavy duty trucks, basically what Tesla unveiled. Cummins’ stock has rallied 17% year to date, while Tesla shares have soared 51% and the Dow Jones Industrial Average has run up 18%.
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