-1.78% to $735.64 from $748.98
What moved CAT
- Shares fell roughly 3% as Citi cut its price target to $950 from $1,100 while keeping a Buy rating, citing concerns over the durability of spending tied to power generation and data centers.
- Truist also lowered its target, from $1,225 to $1,100, adding to a string of analyst recalibrations after the stock’s sharp rally this year on data-center power optimism.
- The decline followed a roughly 5% drop earlier in the week as investors questioned whether the premium investors assigned to Caterpillar’s power-generation business is starting to unwind.
Sources: TradingKey · Yahoo Finance · 24/7 Wall St.
-5.75% to $813.83 from $863.44
What moved CAT
- Zacks Research downgraded Caterpillar to Hold from Strong Buy, and shares fell toward roughly $820 in morning trading.
- Caterpillar shares dropped even though the FTC and USDA’s farm-equipment inquiry notice named Deere, not Caterpillar, pointing to sympathy selling across the sector.
- Caterpillar fell more than 6%, among the heaviest drags on the Dow, amid broader investor jitters over AI-related capital spending and rising Treasury yields.
Sources: Investing.com · Benzinga · Yahoo Finance
-0.62% to $871.08 from $876.54
What moved CAT
- Adjusted EPS of $8.17 beat the analyst estimate of $6.25, with revenue of $20.54 billion topping the $18.36 billion estimate.
- CEO Joe Creed said it was the first time in company history that quarterly sales and revenues topped $20 billion.
- Order backlog reached a record $72.1 billion in the quarter.
- Full-year guidance was raised to mid-to-high-teens growth, citing robust demand in power, construction and mining.
Sources: Benzinga · SEC 8-K filing
+5.60% to $876.54 from $830.03
What moved CAT
- Q2 sales and revenues reached $20.5 billion, up 24% from $16.6 billion a year earlier, the first time the company has topped $20 billion in a quarter.
- Adjusted profit per share was $8.17, up from $4.72 a year earlier and above the $6.20 analysts expected.
- Construction Industries segment sales rose 35% to $8.3 billion, with North American construction demand up 50%.
- Power & Energy segment revenue rose 17% to $8.2 billion, with power-generation sales tied largely to data-center projects up 29%; backlog rose 92% to $72 billion.
- Caterpillar raised its full-year 2026 sales and revenue growth outlook to mid-to-high teens, and shares rose about 9% in premarket trading.
Sources: CNBC · GuruFocus