Caterpillar's stock rallies, defying 6-quarter streak of disappointing earnings reports
Caterpillar Inc. (CAT) investors appear to be tempting fate, as the stock rallied 1.2% in afternoon trading Tuesday, a day ahead of the company's third-quarter earnings report, even though the previous six quarterly results have led to selloffs. The maker of heavy equipment used for mining, agriculture and the energy markets is scheduled to report results before Wednesday's opening bell. The stock has declined on the day of the past six earnings reports, by an average of 5.4%, according to FactSet data. For the third quarter, analysts surveyed by FactSet are expecting, on average, earnings per share to rise to $2.90 from $2.86 and revenue to decline to $13.41 billion from $13.51 billion. The stock has run up 13.5% over the past two weeks, but has slipped 1.0% over the past three months. The Dow Jones Industrial Average , of which Caterpillar is a component, has eased 1.2% the past three months.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 22, 2019 15:02 ET (19:02 GMT)
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