Thursday, May 20, 2010

Caterpillar (NYSE:CAT) Punished for Lower Global Equipment Sales

Caterpillar (NYSE:CAT) is among many of the Dow components taking a beating, as the construction equipment maker said their global sales of construction equipment plunged by 4 percent in April.

As a result, the company was hit with a 4.51 percent drop in its share price, or $2.77. Caterpillar closed the day at $58.67, but was also down in electronic trading after hours. That's their lowest share price since early March.

Just since last week they've shed close to 6 percent of market value.

Volume was up strong today too, rising from the 3-month average of 9,161,230, to 22,805,955.

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