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


Today’s close: down 5.5%

Caterpillar got trampled Tuesday as Wall Street showed blood-red displeasure with both the U.S. Treasury secretary’s paint-by-numbers scheme to save the banks and the U.S. Senate’s gazillion-dollar scheme to save the rest of the economy. Full quote at Yahoo Finance.

Indexes looked like the floor of a MASH operating room: Dow, down 4.62%; Nasdaq, down 4.20%; S&P 500, 4.91%. Wrap-up at Market Watch.

Caterpillar’s volume of 17 million shares was about 30 percent above normal, not good but not nearly as ugly as some of the days we’ve seen since the Q4 earnings report. Large moves to the downside are more typical at the beginning of a bear market than the middle, when the slope-of-hope grinds on for months. Today’s bloodbath could be a sign of worse days to come, or it could simply be a profit-skimming correction of the rally of the past couple weeks. Perhaps traders bought the rumors and sold the news, as they’ve always done.

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Tom Mangan posted at 1:18 pm February 10th, 2009 |

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