04.07.2019 18:19:00

Why Caterpillar Stock Soared 13.8% in June

Shares in Caterpillar (NYSE: CAT) soared 13.8% in June, according to data provided by S&P Global Market Intelligence. The move marked a return to favor for some of the stocks that got beaten up during the sell-off in May. Was there anything fundamental in the move? Unless you count a television interview in which CEO Jim Umpleby expressed confidence in the company's ability to meet its targets, then the only real change is one of market sentiment toward cyclical stocks impacted by the ongoing trade dispute.Simply put, the market decided it had oversold stocks like Caterpillar on fears of a protracted slowdown in its end markets.Caterpillar is known for its construction machinery, and that remains its single biggest profit center. However, the biggest swing factor in its earnings this year is likely to be its mining machinery sales (resource industries segment) and, to a lesser extent, its oil-and-gas-related sales (energy and transportation segment).Continue reading
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