For a market that got very nervous very quickly about industrial companies, particularly those with sizable emerging market exposure, Cummins (CMI) is actually faring quite well. Investors seemed encouraged by the company's recent quarterly report, as well as a big (albeit not totally unexpected) win with Navistar (NAV). The question I have is whether Cummins, for all of its great qualities as a company, is still a bit too popular for investors' long-term good.
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Does The Market Love Cummins Too Much?