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).
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|Date:||Apr 24, 2018|
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