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Cat Stock Blog

Caterpillar Inc. (NYSE:CAT) stock news and links


Today’s close: Down 8.38%

Wall Street piled the hurt on Caterpillar today after it predicted a likely 20 percent reduction in sales and 50-plus reduction in profit for 2009, plus 20,000 lost jobs by first quarter’s end. As gawdawful as that was, imagine how bad things might’ve been if the Conference Board hadn’t announced a surprise uptick in December’s index of leading indicators. Full quote at Yahoo Finance.

Broader markets tried to rally but couldn’t get much, uh, traction in light of Cat’s news and a spate of layoff announcements. Dow, up .48%; Nasdaq, up .82%; S&P 500, up .56%. Wrap-up at Market Watch.

Caterpillar’s volume was over 45 million shares, double Friday’s volume and four times the average, though a barrage of sell orders at the open gave way to listless action into the close. Support level is around $32 a share and it’s safe to say Cat is oversold.

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Tom Mangan posted at 1:16 pm January 26th, 2009 |

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