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July 14, 2014
07:43 EDTGE, CATGE far ahead of Caterpillar in race for cleaner diesel train, WSJ says
Caterpillar (CAT) has fallen far behind in the race to offer a locomotive that meets stricter emission standards taking effect next year, with its Electro-Motive Diesel unit stating that its freight trains probably won't be available until 2017, while General Electric (GE) is already testing trains that comply with the new rules, reported The Wall Street Journal. Reference Link
News For CAT;GE From The Last 14 Days
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September 24, 2015
10:56 EDTCATCaterpillar hits fresh multi-year lows, levels to watch
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10:39 EDTCATAxiom says sell Caterpillar before company cuts guidance, jobs
The shares of heavy machinery maker Caterpillar (CAT) are tumbling after the company reduced its revenue guidance and announced that it would lay off 4,000-5,000 of its employees between now and the end of 2016. The company said it could lay off up to 10,000 employees by 2018. Before the news was announced, research firm Axiom initiated coverage of Caterpillar with a Sell rating, saying that the company will probably face "operating income headwinds." WHAT'S NEW: Caterpillar reduced its fiscal 2015 revenue guidance to $48B from $49B. Analysts' consensus estimate was $48.8B. Additionally, the company expects its revenue to drop 5% in fiscal 2016 versus fiscal 2015. Caterpillar expects to reduce its annual total costs by $1.5B, the heavy machinery maker said, noting that it anticipates that it will pay about $2B in pre-tax charges related to the layoffs. ANALYST CALL: Axiom analyst Gordon Johnson II initiated Caterpillar with a Sell rating, saying that the company appears to carry "Russian roulette risk." The company's Resources and Energy and Transportation units generate the highest margins for Caterpillar but are currently struggling, Johnson said. Consequently, the company will probably "face operating income headwinds" as its revenue mix deteriorates, the analyst stated. In 2016, Caterpillar's earnings per share is likely to drop to $2.79, Johnson warned, versus analysts' consensus estimate of $4.53 prior to today's announcement. Moreover, after analyzing the SEC filings of Caterpillar's subsidiary, CAT Financial, Johnson believes that "the company is using debt to fund sales (where revenue is recognized) between itself and wholly-owned foreign (subsidiaries)." Citing a May 2013 letter between Caterpillar and the SEC, Johnson says that the agency has noticed this phenomenon, limiting Caterpillar's ability to employ similar methods during the current downturn. He set a $28 price target on the stock. OTHERS TO WATCH: Other heavy machinery makers include Komatsu (KMTUY), Deere (DE) and AGCO (AGCO). Like Caterpillar, Joy Global (JOY) makes mining equipment. Fluor (FLR) and KBR (KBR) build major infrastructure projects. PRICE ACTION: In morning trading, Caterpillar sank 6.7% to $65.53, while Joy Global and Deere each dropped about 4%.
10:11 EDTCATJoy Global September weekly volatility increases on Caterpillar restructuring
Joy Global (JOY) September weekly call option implied volatility is at 77, October is at 60, November is at 57; compared to its 52-week range of 26 to 70, suggesting large price movement after Caterpillar(CAT) announced restructuring plans to lower costs by $1.5B annually.
09:17 EDTCATCaterpillar announces reorganization in dealer and customer support divisions
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09:11 EDTCATCaterpillar: Pre-tax costs associated with actions to be about $2B through 2018
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09:10 EDTCATCaterpillar: Restructuring costs, sales outlook will be 'negative for profit'
Expects costs will be favorable.
09:09 EDTCATCaterpillar: Cost reductions could impact more than 20 facilities
Cost reductions could impact more than 20 facilities and slightly more than 10% of manufacturing square footage. A portion of these cost reductions are expected to be effective in 2016, with more savings anticipated in 2017 and 2018.
09:06 EDTCATCaterpillar volatility up into restructuring plans to lower costs
Caterpillar September weekly call option implied volatility is at 33, October and November is at 30; compared to its 52-week range of 16 to 38, suggesting large price movement into announcing restructuring plans to lower costs by $1.5B annually.
09:06 EDTCATCaterpillar says key industries are 'well below prior peak levels'
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09:05 EDTCATCaterpillar expects FY16 revenue decline to occur in all three large segments
Expects FY16 revenue decline to occur in all three large segments -- Construction Industries, Energy & Transportation and Resource Industries - with the most significant decline in the oil and gas portion of our Energy and Transportation segment.
09:05 EDTCATOn The Fly: Pre-market Movers
HIGHER: Arrowhead Research (ARWR), up 35% after disclosing top-line findings from the Heparc-2001 Phase 2a clinical study of ARC-520, its candidate for the treatment of chronic hepatitis B infection... Conatus Pharmaceuticals (CNAT), up 19% after the company's Phase 2 Portal Hypertension clinical trial of emricasan met its primary endpoints... Keryx Biopharmaceuticals (KERX), up 13% after announcing that the European Commission has approved Fexeric for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adults with chronic kidney disease. LOWER: Caterpillar (CAT), down 5% after announcing restructuring plans, lowering revenue guidance, and having stock initiated with a Sell rating and a $28 price target at Axiom... Twitter (TWTR), down 1.5% after Citi cut estimates below consensus and lowered its price target to $30. DOWN AFTER EARNINGS: Worthington (WOR), down 12.5%... Accenture (ACN), down 3%.
09:04 EDTCATCaterpillar expects FY15 decline in revenue outlook to impact Q3 and Q4
09:03 EDTCATCaterpillar sees FY16 revenue to be 5% below FY15, consensus $47.36B
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09:03 EDTCATCaterpillar cuts FY15 revenue $48B from $49B, consensus $48.82B
09:03 EDTCATCaterpillar to reduce workforce by 4,000-5,000 people between now and 2016-end
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09:02 EDTCATCaterpillar announces restructuring plans to lower costs by $1.5B annually
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07:49 EDTGEGE reaches agreement with UKEF to access export financing for up to $12B
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07:31 EDTCATAxiom initiates Caterpillar with a Sell, sees 60% downside potential
Axiom analyst Gordon Johnson II initiated Caterpillar with a Sell rating, saying that two of the company's three core businesses are struggling and he believes near-term strength in the company's Construction business is transient. Johnson thinks China's stimulus measures and near-zero interest rates have allowed Caterpillar to "stuff the channel" for the past five years, but with both tailwinds moderating, the analyst projects that the company's calendar 2016 EPS will fall to $2.79, far below the Street consensus view of $4.53. The analyst set a $28 price target on the stock, which represents about 60% downside from Caterpillar's closing price of $70.20 yesterday.
06:41 EDTGEGE likely to sell PE unit to France's Ardian, Bloomberg reports
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September 23, 2015
08:01 EDTGEGE Healthcare announces $300M commitment to support emerging market health
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