Navistar shares up after Obama touts stimulus cash infusion
President Obama's Aug. 5, 2009 Wakarusa, Ind. speech -- in Wordle format.
BY KATIE ROGERS – MEDILL REPORTS
Shares of Warrenville, Ill.-based Navistar International Corp. jumped Thursday following a Wednesday visit by President Obama to the company’s Wakarusa, Ind. Monaco RV manufacturing plant.
Navistar shares [[NAV]] were up more than 2 percent following Obama’s announcement that the company will receive $39 million in stimulus money to build 400 battery-powered delivery trucks.
The money is part of the $2.4 billion in stimulus spending Obama said would be earmarked for particularly depressed areas of the country.
Indiana is second to Michigan in states receiving the most aid from this package, Obama said Wednesday. His visit to Wakarusa, a tiny manufacturing town outside Elkhart, Ind., marks Obama’s second since his narrow win of Indiana during last year’s presidential election.
Monaco RV LLC went belly-up last year, costing 1,400 people at the Monaco Coach plant their jobs, before Navistar stepped in to buy it. From June 2008 to June 2009, Elkhart County’s AP Stress score grew from 9.04 to 19.4.
Watch an excerpt from Obama’s speech below (via AP):
