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10.02.2020 19:12:00

2 Alarming Reasons Caterpillar Stock Tumbled 11.1% in January

Caterpillar (NYSE: CAT) stock's solid rally in the last quarter of 2019 had rekindled investor hopes of a long-awaited recovery in the company's prospects. The month of January, unfortunately, dashed hopes as shares of the heavy-equipment manufacturer slumped 11.1%, according to data from S&P Global Market Intelligence. As if mounting concerns in China weren't enough, Caterpillar released a subdued outlook for 2020 on Jan. 31, fueling fears that the company may not be out of the woods just yet.Caterpillar's revenue fell 8% year over year in the fourth quarter and 2% in 2019 to $53.8 billion, and management projects sales will decline further in 2020. "We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories," said CEO Jim Umpleby during the company's Q4 earnings release. Continue reading
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