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CMI earnings disappointed Wall Street, as did their forecasts for the year - however, for some reason, Wall Street was more optimistic than CMI. Guidance from CMI for both second and third quarter was identical - there was no change
Here is the comment from late July - Cummins has reported record financial results each of the past three years, and is on pace for another record year in 2007. The Company raised its annual earnings guidance to $7.15 - $7.65 a share when it reported second quarter earnings in late July.

Here is the comment from the third quarter report
The Columbus, Ind., diesel engine maker said it remains on pace to meet its full-year earnings guidance of $7.15 to $7.65 a share.

I guess the drop was because a lot of people refused to believe what they were told in the first place.
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