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Caterpillar no longer a dog, rising 7% in two days

Sep. 29, 2016 12:56 PM ETCaterpillar Inc. (CAT) StockCATBy: Carl Surran, SA News Editor12 Comments
  • Caterpillar (CAT +1.8%) rises to a new 52-week high as it builds on yesterday's breakout momentum following OPEC's agreement to cut production.
  • CAT has been one of many companies to suffer alongside commodities price, but as oil and gold have rebounded in 2016, so has mining supplier CAT, and the stock has surged more than 7% over the past two days.
  • In addition to the commodity comeback, Longbow Research's Eli Lustgarten says CAT's 2016 surge is due to "accelerated restructuring as well as the company downsizing to a new reality."
  • Deutsche Bank recently tabbed CAT as one of its top picks, believing that natural resource markets have bottomed, and CAT can grow earnings independent of volumes.
  • Some technical analysts are getting excited too: Now that CAT has broken through the $84 level that Evercore ISI's Rich Ross said served as "resistance," he says the stock presents an attractive buying opportunity.

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