Printer Friendly

Machinery stocks crevice after Caterpillar conference call commentary.

Shares of companies in the construction and farm machinery space collapsed after peer Caterpillar (CAT) said the first quarter will be the "high water mark" for the year. HIGH WATER MARK: During its Q1 earnings conference call for investors, company executives noted that Caterpillar will make some changes to capital allocation plans, but the company is still committed to maintaining its dividend. However, at one point during the presentation, executives noted that "several positives" in quarter are not expected to continue for rest of year. Caterpillar said it expected Q1 adjusted EPS to be the "high water mark" for year. PRICE ACTION: Shares of Caterpillar are near session lows, now down almost 4.5% to $147.20 per share. PEERS FALL: Caterpillar's peers in the construction and farm machinery space are all trading lower after the comment, including Deere (DE), CNH Industrial (CNHI), Oshkosh(OSK), Terex Corporation (TEX), and AGCO (AGCO).

COPYRIGHT 2018 The Fly
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:The Fly
Date:Apr 24, 2018
Words:151
Previous Article:Hilton Garden Inn announces expansion in diverse locations.
Next Article:TG Therapeutics updated data 'remains robust,' says H.C. Wainwright.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters