Wednesday March 19, 07:00 PM
Caterpillar shares pull back from 5-month high
NEW YORK (Thomson Financial) - Shares of Caterpillar Inc (NYSE: CAT - news) . fell sharply Wednesday, pulling back from a 5-month high close in the previous session.
The stock, a component of the Dow industrials, was down 3.5% at $74.15. On Tuesday, the stock had closed at $76.87, up 22% in 2 months, and the highest close since Oct. 18.
Weakness in the transportation sector, as witnessed by the 2.2% drop in the iShares Dow Jones Transportation Average ETF (IYT) to $82.35, may be weighing on the construction machinery and engine maker's shares.
Ahead of Wednesday's open, trucking company Werner Enterprises said it expected fiscal first-quarter earnings to be 'significantly' lower than prior-year results because of rapidly-rising fuel prices and worse-than-normal winter weather conditions. The stock shed 7.2% to $17.17.
Separately, Goldman Sachs (NYSE: GS - news) said February's Architectural Billings Index reading of 41.8, the lowest score since October 2001, supports its cautious outlook on U.S. non-residential construction activity.
Tomi Kilgore
tk1
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
NNNN
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View