Why Caterpillar (CAT) Stock Is Falling 10% Even After an Earnings Beat
Photo: CoinCentral
TLDR Caterpillar (CAT) stock fell as much as 10% in premarket trading Thursday despite a third-quarter earnings beat. Q3 earnings per share came in at $7.20 on sales of $20.7 billion, ahead of Wall Street’s $7.06 estimate. The company only maintained its full-year guidance, which left investors unimpressed. Backlog hit a record $72.1 billion at the end of the second quarter, up $34.6 billion from a year ago. Worries over debt-driven AI spending weighed on AI-linked stocks after results from big tech firms.
Source: CoinCentral
