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Fly News Breaks for April 5, 2018
CAT
Apr 5, 2018 | 09:34 EDT
Cleveland Research analyst Adam Uhlman is keeping his Neutral rating on Caterpillar with a positive outlook for the company. Uhlman says that the dealer feedback from Europe suggests the company and its peers are raising their build rates this year and now sees demand rising about 10% vs. prior survey-driven forecast of mid-single-digits. The analyst also points to surveys from Asia suggesting "accelerating demand across mining, construction equipment, aftermarket, and power generation". Uhlman adds that the price increases of 1%-3% in January across Asia and Europe was met with little resistance from end users.
News For CAT From the Last 2 Days
CAT
Apr 25, 2018 | 07:42 EDT
UBS analyst Steven Fisher lowered his price target on Caterpillar to $178 from $190 after the company's remark that Q1 would likely be the "high water mark" for 2018. The analyst believes the remark was misinterpreted by the market as a bearish message implying the cycle is at a peak. However, in reality, it was meant to communicate that Q1 would be the strongest of the year, not the cycle, said Fisher. He raised his estimates for both 2018 and 2019 and reiterated his Buy rating on Caterpillar shares.
CAT
Apr 24, 2018 | 16:27 EDT
Stocks opened with gains thanks to a few solid earnings reports from some of the nation's bellwether companies. Caterpillar (CAT) reported much better than expected earnings and revenues and raised its guidance for the full year and its stock price initially moved sharply higher. However, on the company's conference call, the CEO said the first quarter would be the high-level mark for the year and sellers moved in selling the stock, taking the Dow down with it. From there the averages saw a broad-based selloff, with little sign of investors stepping in to buy the dip prior to the next round of reports due after the close. ECONOMIC EVENTS: In the U.S., the Case Shiller 20-City home price index rose 0.74% to 206.67 for February. The FHFA home price index rose 0.6% to 261.1 in February. The Richmond Fed manufacturing index plunged 18 points to -3 in April, hitting its lowest reading since September 2016. The Conference Board consumer confidence index increased to 128.7 in April, up from 127.0 in March. COMPANY NEWS: Class A shares of Google parent Alphabet (GOOGL) declined about 5% after the internet giant's earnings report was followed by several Wall Street analysts trimming their price targets, citing the company's plans to keep investing heavily in 2018. Following the report, other FAANG stocks were trading lower, with Facebook (FB), Amazon (AMZN), Apple (AAPL) and Netflix (NFLX) sliding in a range of 1% to about 4%... Six members of the Dow Jones Industrial Average reported this morning before the open. Caterpillar shares, which looked like they would head higher, reversed during the company's earnings call amid cautious commentary from executives. At the close, shares of the heavy equipment maker finished 6% lower. Verizon (VZ), meanwhile, rose 2%, while United Technologies (UTX) fell 1%. Coca-Cola (KO) and Travelers (TRV) were down 2% and 3%, respectively, while 3M (MMM) was also an underperformer with a 7% decline following its guidance reduction. MAJOR MOVERS: Among the noteworthy gainers was Mitel (MITL), which rose 9.5% after it agreed to be acquired by an investor group led by affiliates of Searchlight Capital Partners. Also higher were Sanmina (SANM) and Heidrick & Struggles (HSII), which gained a respective 14.6% and 17% after reporting quarterly results. Among the notable losers was Epizyme (EPZM), which fell 15% after it said that U.S.-based enrollment of new patients into tazemetostat clinical trials has been temporarily put on hold by the FDA. Also lower were Freeport McMoRan (FCX) and Polaris Industries (PII), which fell a respective 14.5% and 9% after reporting quarterly results. INDEXES: The Dow fell 424.56, or 1.74%, to 24,024.13, the Nasdaq lost 121.25, or 1.70%, to 7,007.35, and the S&P 500 declined 35.73, or 1.34%, to 2,634.56.
CAT
Apr 24, 2018 | 12:36 EDT
Shares of companies in the construction and farm machinery space collapsed after peer Caterpillar (CAT) said the first quarter will be the "high water mark" for the year. HIGH WATER MARK: During its Q1 earnings conference call for investors, company executives noted that Caterpillar will make some changes to capital allocation plans, but the company is still committed to maintaining its dividend. However, at one point during the presentation, executives noted that "several positives" in quarter are not expected to continue for rest of year. Caterpillar said it expected Q1 adjusted EPS to be the "high water mark" for year. PRICE ACTION: Shares of Caterpillar are near session lows, now down almost 4.5% to $147.20 per share. PEERS FALL: Caterpillar's peers in the construction and farm machinery space are all trading lower after the comment, including Deere (DE), CNH Industrial (CNHI), Oshkosh(OSK), Terex Corporation (TEX), and AGCO (AGCO).
CAT
Apr 24, 2018 | 12:00 EDT
Stocks opened higher, but saw their highs a short time after the open. The opening rally stalled, and the sellers gained control, pushing the averages into negative ground. The earnings reports released last night and this morning were generally solid, but concerns remain about whether this quarter will be as good it gets for the economy. Additionally, the 10-year treasury yield hit 3%, a level that could pull money out of the equity market. ECONOMIC EVENTS: In the U.S., the Case Shiller 20-City home price index rose 0.74% to 206.67 for February. The FHFA home price index rose 0.6% to 261.1 in February. The Richmond Fed manufacturing index plunged 18 points to -3 in April, hitting its lowest reading since September 2016. The Conference Board consumer confidence index increased to 128.7 in April, up from 127.0 in March. COMPANY NEWS: Class A shares of Google parent Alphabet (GOOGL) declined nearly 4% after the internet giant's earnings report was followed by several Wall Street analysts trimming their price targets, citing the company's plans to keep investing heavily in 2018... Six members of the Dow Jones Industrial Average, representing one-fifth of the total membership of the blue chip index, reported this morning before the open. Among the six, Caterpillar (CAT) was the clear outperformer in early trading following its "beat and raise" report. However, Caterpillar shares declined during the company's earnings call as the company noted that it sees Q1 as its "high water mark" for the year. Near noon, shares of the heavy equipment maker are now down about 4%. Verizon (VZ) is now the leader in the bunch, rising 2.5%, while United Technologies (UTX) is up about 1% after an upgrade of its FY18 outlook. On the downside, Coca-Cola (KO) and Travelers (TRV) are down 2% and nearly 3%, respectively, while 3M (MMM) is far and away the underperformer with a 7.5% decline following its guidance reduction. MAJOR MOVERS: Among the noteworthy gainers was Mitel (MITL), which rose 10% after it agreed to be acquired by an investor group led by affiliates of Searchlight Capital Partners for $2B in cash. Also higher were Sanmina (SANM) and Helix Energy (HLX), which gained a respective 21% and 14% after reporting quarterly results. Among the notable losers was Epizyme (EPZM), which fell 15% after it said that U.S.-based enrollment of new patients into tazemetostat clinical trials has been temporarily put on hold following an order from the FDA. Also lower were Freeport McMoRan (FCX) and Waters (WAT), which fell a respective 12% and 9% after reporting quarterly results. INDEXES: Near midday, the Dow was down 136.85, or 0.56%, to 24,311.84, the Nasdaq was down 45.40, or 0.64%, to 7,083.20, and the S&P 500 was down 7.47, or 0.28%, to 2,662.82.
CAT
Apr 24, 2018 | 09:55 EDT
Notable gainers among liquid option names this morning include Whirlpool (WHR) $157.51 +7.26, Fifth Third (FITB) $33.28 +1.36, Intel (INTC) $53.10 +2.01, Caterpillar (CAT) $159.19 +5.23, and Zions Bancorp (ZION) $55.94 +1.56.
CAT
Apr 24, 2018 | 08:46 EDT
UP AFTER EARNINGS: Caterpillar (CAT), up 3.7%... United Technologies (UTX), up 2%... Verizon (VZ), up 3.3%... Eli Lilly (LLY), up 1%... Coca-Cola (KO), up 0.6%... Harley-Davidson (HOG), up 6%... Weatherford (WFT), up 15%. ALSO HIGHER: Evine Live (EVLV), up 39% after TechCrunch reported, citing an industry source, that Amazon (AMZN) is interested in making a buy in TV home shopping and has held acquisition talks with Evine... Shire (SHPG), up 4% after announcing that it has received a revised proposal from Takeda (TKPYY) regarding a possible offer for the company... Mitel (MITL), up 11.5% after announcing that it has signed an agreement to be acquired by an investor group led by affiliates of Searchlight Capital Partners in an all-cash transaction valued at approximately $2B, including Mitel's net debt. DOWN AFTER EARNINGS: 3M (MMM), down 4.6%... Travelers (TRV), down 2.9%... Sherwin-Williams (SHW), down 4.5%... Masco (MAS), down 3%. ALSO LOWER: Epizyme (EPZM), down 13% after announcing the FDA placed a partial clinical hold on its lead drug tazemetostat... Incyte (INCY), down 4.5% after an FDA advisory committee recommended approval of the 2-mg dose of baricitinib for the treatment of moderately-to-severely active rheumatoid arthritis, but did not recommend approval of the 4-mg dose.
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