Caterpillar shares tank after company cuts forecast again, earnings badly miss the Street

Shares ofplunged on Wednesday after the company slashed its full-year outlook and posted disappointing second-quarter results.

The heavy machinery manufacturer earned $2.66 per share in the third quarter, versus the consensus estimate of $2.88 per share, according to Refinitiv. Revenue came in at $12.758 billion, while Wall Street expected revenue of $13.572 billion. The company lowered its full-year earnings per share forecast to a range of $10.59 and $11.09, below the expected $11.70."Our volumes declined as dealers reduced their inventories, and end-user demand, while positive, was lower than our expectations," said Caterpillar Chairman and CEO Jim Umpleby.

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Wall Street is sounding the alarm as a key source of stock-market buying evaporatesShare buybacks fell 18% year-over-year in the second quarter, Goldman analysts found, and the second half of the year will likely see further decline. STOCK BUY BACKS ONLY MAKE THE THE ECONOMY LOOK LIKE IT'S DOING WELL THEY USED TRUMP TAX CUTS TO BUY THERE OWN STOCK ENRICH THEMSELVES NOT REINVEST IN ECONOMY BY CREATING NEW JOBS
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