Although the maker of construction and mining equipment has done a good job of beating quarterly earnings expectations — the company has missed just once in the past 13 quarters — it has also made a habit of disappointing investors.
Investors appear to be prepped for another disappointment. While the stock bounced 1.9% in afternoon trading on Monday, it had dropped in seven of the previous eight sessions to close Friday at a four-month low. It had tumbled 12.5% over those eight sessions while the Dow Jones Industrial Average DJIA had lost 4.6%.
CFRA analyst Steward Glickman went as far as upgrading Caterpillar’s stock to buy from hold last week. J.P. Morgan’s Tami Zakaria affirmed her bullish view on Caterpillar’s stock last week. She said that while residential construction has moderated, the current housing shortage will likely support demand. And nonresidential construction remains strong, as infrastructure spending is gaining pace.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »