(WebFG News) - Caterpillar upped its 2018 profit outlook on Tuesday after the heavy-duty equipment behemoth beat the Street with its first-quarter earnings amid continued strong global demand for its equipment.
Construction machinery giant Caterpillar surged over 5% higher in the Dow Jones on Tuesday after a second-quarter earnings report which beat expectations.
Shares in Seeing Machines are down more than 12% after the company swung to a first-half loss on moving from a direct-to-market model in mining to a royalty arrangement with Caterpillar.
Sluggish growth and low commodity prices have been cited as some of the factors for Caterpillar lowering its full-year guidance on Tuesday, even though the company beat on its third quarter earnings.
Doug Oberhelman, CEO of US machinery giant Caterpillar, is to step down from his position at the end of 2016, and retire from the company early after 41 years.
Shares in Caterpillar were up in early morning trading after it announced it was considering the closure of a production plant in Gosselies, Belgium.
A slump in retail sales at Caterpillar worsened during the latest three-month period, sending shares lower.
Caterpillar Inc. once again cut its earnings forecasts for 2016 as it prepares to face more job cuts due to lessening demand for its mining and energy equipment.
1630:Close By the looks of things on Monday, optimism on the US economy following Yellen's speech on 24 September did not seem to last for too long. Three-month copper closed down by 1.8% at $4,956 per metric tonne on the LME. Some market commentary cited data showing that in August Chinese industrial profits declined at their fastest annual pace in four years as one possible trigger for the weakness. Stateside, the president of the New York Fed, William Dudley, joined the chorus of US rate-setters who believe a rate hike later this year is likely. Stock in Glencore nosedived again, followed close behind by Anglo American. BHP Billiton, Antofagasta and StanChart rounded off the list of the top five fallers. FTSE 100 down 150.15 to end at 5,958.86.
Early gains on Wall Street following a speech from Fed Chair Janet Yellen in the previous evening were snuffed out as biotechnology issues continued to reel, leaving the S&P 500 on track for its worst quarterly performance in four years.
Caterpillar shares slumped on Thursday after the company announced significant restructuring and cost reduction actions that could involve cutting more than 10,000 jobs over the next three years, and downgraded its revenue outlook.
Seeing Machines has signed a global product development, licensing and distribution agreement with US construction machinery and equipment firm Caterpillar.
US stocks edged mostly lower early Friday, as investors digested a series of uninspiring earnings reports and tepid house data.
US stocks were little changed on Thursday as investors sank their teeth into a slew of earnings and data showing that jobless claims fell to their lowest level since 1973.
Construction and mining equipment manufacturer Caterpillar fell on Thursday after reporting a decline in profits and revenues during the second quarter of the year.
US stocks edged higher on Thursday as investors digested a deluge of mixed earnings and disappointing economic data
US stocks opened with small losses on Thursday as investors digested a batch of weak economic data from home and abroad and mixed corporate earnings from America's blue chips.
US stocks sank on Tuesday, after disappointing data on durable goods led to speculations that economic growth was slowing down.
US stock futures pointed towards a lower open on Tuesday, as disappointing earnings weighed on the markets.
US stocks were mixed on Wednesday as the ADP employment results came out lower than expected and the energy sector continued to rebound from the recent drop in oil prices.