Capital Goods/Industrials: Machinery 2010 2nd

J.P. Morgan

Ann Duignan of J.P. Morgan lands in second place for a fourth year running. In September 2009 she downgraded Navistar International Corp. from overweight to neutral, at $45.68, on declining sales of the Warrenville, Illinois–based manufacturer’s truck engines. The downgrade was premature, however; in early August, after the shares had advanced to $51.20, Duignan reduced them to underweight. By the end of that month, they had tumbled 18.2 percent since the second downgrade, to $41.88, and trailed the sector by 8.9 percentage points. “Ann is an independent thinker, and she’s highly responsive even to small clients like ourselves,” affirms one investor.