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CATERPILLAR MISSES ON REVENUE AND GIVES LIGHT GUIDANCE, STOCK TECHNICALS BREAKDOWN - Capital Street FX

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    • CATERPILLAR MISSES ON REVENUE AND GIVES LIGHT GUIDANCE, STOCK TECHNICALS BREAKDOWN
23-Oct
19:55 IST

Caterpillar is currently trading at 131.66-lower by 1.52% as compared to the previous closing price. In the Premarket trading session, the stock dropped as much as 6.5%. The stock has pared some of its earlier losses after the opening bell.

Caterpillar stocks fell today after the company reported quarterly earnings that were below market expectations and lowered its full-year outlook. The industrial giant said it now expects 2019 profit to a range of $10.59 to $11.09 per share. The EPS forecast was below the consensus estimate of $11.70 a share.

Caterpillar generated an EPS of $2.66 for the third quarter of 2019. The EPS was below the market expectation of $2.88.  Revenue of $12.758 billion was also below the consensus estimates of $13.572 billion. Stocks of the company rallied 5% since January.

On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 59.2% and suggests that the market can move in the downward direction.

 

TRADE SUGGESTION- LIMIT SELL AT 132.10 TAKE PROFIT AT 130.80 STOP LOSS AT 132.75

 

 

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