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CAT

Caterpillar Inc.

6/20/2013, 7:28 AM ET

Quote & Headlines Market Currents StockTalk

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Monday, June 17, 9:53 AM Caterpillar (CAT) issues a two-year 1.8B yuan ($290M) bond with a coupon of 3.25%. The debt is rated A2 by Moody's and A by S&P and Fitch. Meanwhile, Caterpillar plans to lay off 260 out of 800 production workers at a plant in South Milwaukee due to falling demand for mining equipment. 1 Comment
Wednesday, June 12, 12:50 PM Caterpillar's (CAT -0.3%) news that it will be raising its quarterly dividend by 15.4% failed to impress shareholders today, ticking lower since the open. The weakness is surprising given the fact that the hike was above last year's 13% increase and the 4.5% bump the year prior. It also moves the dividend yield to an impressive 2.9%, which is above those of its competitors Deere (DE -0.9%) at 2.4%, Cummins (CMI -0.8%) at 1.7% and Joy Global (JOY +0.2%) at 1.3%. 1 Comment [Consumer, Global & FX]
Wednesday, June 12, 12:41 PM Caterpillar (CAT) declares $0.60/share quarterly dividend, 15% increase from prior dividend of $0.52. Forward yield 2.88 % For shareholders of record July 22.Payable August 20.Ex-div date July 18.(PR) Comment! [Dividends]
Wednesday, June 12, 4:35 AM Caterpillar's (CAT) United Steelworkers employees have ratified a new six-year labor contract in what was described as a "very close" vote. The deal will freeze hourly wages for current staff for the lifetime of the agreement and pay new hires less. However, Caterpillar will hand out bonuses of $4,000 per worker in return for approving the contract, and it will pay veteran employees annual bonuses based on the performance of the company. Comment!
Wednesday, June 5, 2:27 PM Caterpillar (CAT -1.4%) slips after Goldman cut its price target to $97 and reduced 2013-15 estimates by 10% earlier today. The firm cites soft mining capex and limited cyclical upside in its core Power Systems markets for the lower numbers. 2 Comments [On the Move, Global & FX]
Friday, May 31, 4:30 AM Caterpillar (CAT) has reached a new six-year labor agreement with the union representing 800 workers at two mining-equipment plants in Milwaukee. The deal comes after the the employees rejected a lower offer in April, although the details of the latest accord weren't released. Workers are due to vote on the agreement on June 11. Comment!
Tuesday, May 21, 8:49 AM Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways," is #4 of Bob Farrell's "Market Rules to Remember." Channeling that, BAML's Steve Suttmeier sees stocks continuing their run with risks of a topping-out not arriving unti late summer. He's most bullish on industrials (XLI) - particularly "oversold" EXPD, DE, CAT, FDX - and also thinks financials (XLF) will remain market leaders. 4 Comments
Monday, May 20, 12:07 PM Caterpillar (CAT +1.2%) says its global machinery retail sales fell 9% in April, with a 20% drop in its Asia/Pacific segment and 18% drop in North America. Latin America was a bright spot in April, rising 28%. The surge in LatAm is encouraging, says Wells Fargo's Andrew Casey, especially when compared to last Aprils 12% increase. But, with demand in the other regions still contracting as heavily as they are, near-term hopes for CAT look dim regardless of how gangbusters the company is doing in South America. 4 Comments [Global & FX, On the Move]
Friday, May 17, 6:15 PM Caterpillar's (CAT) deal to cut the purchase price of a Chinese mining equipment maker it bought last year ends an embarrassing episode, but now comes the hard part: penetrating China's huge underground mining market. The dispute overshadowed the real importance of giving CAT the product line and distribution it desperately wants in China, the world's top producer and consumer of coal. Comment! [Global & FX]
Friday, May 17, 7:51 AM Caterpillar and Mining Machinery settle the dispute relating to the Siwei acquistion, with CAT cutting $135M from the $164.5M still owed to MML. It's a small salve to Caterpillar which had to take a $580M charge after discovering accounting issues. (PR) 2 Comments
Wednesday, May 15, 2:46 PM Caterpillar (CAT -1%) gets dragged down on Deere's (DE -5%) cautious sales outlook for the year, amid concerns that cool, wet weather in the U.S. will hamper this year's farm crop and hold down demand for farm machinery. 2 Comments [On the Move]
Friday, May 10, 1:26 PM Caterpillar (CAT -1.7%) and the United Steelworkers Union have suspended contract negotiations for mining machinery workers in Milwaukee after talks broke down earlier this week. The union rejected a proposed contract that would have frozen hourly wages for six years, installed a lower wage scale for new hires, altered pension benefits and allowed the company to disregard workers' seniority when selecting employees for short-term layoffs. Workers say they will continue to report and presently have no plans to stage a walkout. 4 Comments [Commodities, On the Move]
Thursday, April 25, 9:40 AM Caterpillar (CAT +0.9% at $84.56) has agreed to buy back $1B of its shares from Citibank (C) as part of an accelerated stock-repurchase program. Caterpillar will immediately acquire 11M shares based on market prices and expects to complete the program in June. (PR) 3 Comments [Financials]
Tuesday, April 23, 10:53 AM More on JPMorgan's Caterpillar (CAT +1.4%) upgrade: Analyst Ann Duignan says excavator sales in China suggest "a clear selling season is occurring" which should mitigate regional headline risk. Furthermore, CAT's underproduction has likely led to a "near-trough in Resource revenue and margins." Risks to the call include a deteriorating macro environment, a "deeper and longer mining capex decline," and higher interest rates. Ultimately, "the stock more than reflects these risks." Comment! [On the Move]
Tuesday, April 23, 7:05 AM JPMorgan upgrades Caterpillar (CAT) to an Outperform rating and raises its price target to $100. The firm is convinced most of the downside risk for Caterpillar investors has already been priced into the stock. CAT +0.7% premarket to $83.34. Comment! [On the Move]
Monday, April 22, 5:41 PM Caterpillar gained today because its weak Q1 report was no worse than expected, but there's little chance of a snapack in global metals and mining later in 2013, 24/7's Jon Ogg writes. Bottoming out may take much longer than expected now, he warns, and sector investors may see more volatility and timing pain than in the past. (also) Today: CAT +2.8%, FCX +1.1%, JOY +0.5%, DE +0.4%, X -0.6%. 1 Comment [Global & FX]

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