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To: zx who wrote (2708)	1/4/2007 11:51:02 PM
From: zx	Respond to of 7944

CMT is connected to NAV--- Barrington noted that Navistar (NAV +3.73%) announced a new $1.3 bln credit facility which, the firm said, demonstrates NAV's access to capital and the confidence of the co's bank group. Their long-term investment thesis remains unchanged following the release of the Dec 2006 preliminary net truck orders. NAV still represents value vs the other truck OEMs. However without a takeout, they see limited upside to the stock up 45% from their July 2006 initiation of coverage, and the co continues to face several unresolved 2007 issues. Firm said without 2007 guidance, lower 2007 truck production levels, possible under absorption issues and risk of NYSE delisting they see several short term overhang issues.