Caterpillar 4Q sales slip, but results top Wall Street
FILE - In this Sept. 18, 2019, photo a Puckett Machinery Company technician walks past a new heavy duty Caterpillar excavator that awaits modification at Puckett Machinery Company in Flowood, Miss. The Deerfield, Illinois, company reported a profit Tuesday, Oct. 27, 2020, of $1.22 per share. Sales were $11.24 billion, down significantly from last year's $13.14 billion, yet far better than Wall Street projections of $11.18 billion, according to a survey of analysts by Zacks Investment Research. That is still well below the $1.1 billion, or $1.97 per share, that the company earned in the prior year. The Commerce Department reported Thursday that the U.S. economy shrank in 2020 by the largest amount in 74 years, and the Labor Department reported that 847,000 Americans applied for unemployment benefits last week.
Asian stocks fall on worries over rising virus cases, US aid
People wearing face masks walk past a bank's electronic board showing the Hong Kong share index in Hong Kong, Wednesday, Oct. 28, 2020. Asian shares headed lower Wednesday on worries about rising virus counts and Washington's inability to deliver more aid to the economy. (AP Photo/Kin Cheung)Asian shares headed lower Wednesday on worries about rising virus counts and Washington's inability to deliver more aid to the economy. Japan's benchmark Nikkei 225 fell 0.3% in morning trading to 23,420.93, while South Korea's Kospi declined 0.2% to 2,325.22. The U.S. dollar weakened to 104.30 Japanese yen from 104.41 yen late Tuesday.
Trailer, loader stolen from Canton Township business by driver of white pickup truck, police say
CANTON TOWNSHIP, Mich. โ The driver of a white pickup truck stole a 16-foot trailer and a Caterpillar loader from a business in Canton Township, police said. The pickup truck returned at 4:48 a.m. Oct. 12 and left with a Caterpillar loader, according to authorities. Police said the white Ford F-150 pickup truck has a black hood, black rims and a round sticker on the driverโs side rear window. Anyone with information is asked to call Canton Township police at 734-394-5420. A pickup truck involved in two thefts from a business in Canton Township, police said.
Caterpillar hurt by US-China trade war, shale slowdown
Scott Olson/Getty ImagesDEERFIELD, Ill. - The United States and China are holding fire in their trade war. Caterpillar said Wednesday that sales in its Asia-Pacific unit plummeted 22% from a year ago, largely because of weak demand in China. Sales in North America, mainly the United States, are still holding up strong with one notable exception. However, Caterpillar said sales for oil-and gas-related equipment were down 11%, in part because of "lower demand for new equipment in the Permian Basin." But with sales slumping around the rest of the world, trouble in one of its key business segments in the United States is the last thing Caterpillar needs.