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CAT

Caterpillar Inc.

5/22/2013, 5:28 AM ET

Quote & Headlines Market Currents StockTalk

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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. 3 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]
Monday, April 22, 1:09 PM Caterpillar (CAT +2.8%) is enjoying a bit of a relief rally followings its Q1 earnings, although Wells Fargo analyst Andrew Casey doesn't think it's sustainable. While Caterpillar is well positioned well for a pickup of developing market growth, "we do not have good visibility on the mining equipment cycle duration," Casey says. "Consequently, we continue to apply somewhat muted multiples to future earnings expectations." 2 Comments [Earnings, On the Move]
Monday, April 22, 11:29 AM SA author Emerging Money is worried for the mining sector following Caterpillar's (CAT) Q1 earning report, in which the company said it expects sales of its traditional mining machines to fall 50% in 2013. "What might be scary to think about" is that "commodity prices are actually still quite high," Emerging Money says. "This tells me it could get much uglier as well." (Caterpillar earnings call) 1 Comment [Commodities]
Monday, April 22, 11:05 AM Caterpillar (CAT) CEO Doug Oberhelman puts a brave face on things following the company's disappointing earnings and outlook , saying that "this is the first year in three years where we've seen a relative degree of stability around the world," while there are stories in China that are "still pretty good." Oberhelman has a "little bit more confidence going forward" than he's had for a couple of years. 2 Comments [Earnings]
Monday, April 22, 7:51 AM More on Caterpillar's (CAT) Q1: Sluggishness in the company's Resource Industries segment dragged down overall results. The year-over-year comparison comes in weak as dealers cut inventory dramatically despite the upcoming spring and summer crop seasons. The global giant lowers its outlook for 2013 to $57B to $61B in sales and $7.00 per share in profits - from a prior estimate of $60B to $68B in revenue and EPS of $7.00-$9.00. Shares are getting a bit of a lift by word Caterpillar will fire up a stock repurchase program for the first time since 2008, up 1.0% premarket. (PR) 4 Comments [Earnings, On the Move]
Monday, April 22, 7:34 AM Caterpillar (CAT): Q1 EPS of $1.31 misses by $0.07. Revenue of $13.2B (-17% Y/Y) beats by $600M. Shares +0.7% premarket. (PR) Comment! [Earnings, Breaking News]
Monday, April 22, 12:05 AM Notable earnings before Monday’s open: BEAV, BOH, CAT, CHKP, HAL, HAS, NVR, PHG, SIX Comment! [Earnings]

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