Caterpillar Stock Slumps 4% on Tariff Impact Concerns
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BTCCSquare news:
Caterpillar shares fell nearly 4% Friday after the industrial giant warned of deeper-than-expected tariff impacts, revising its 2024 cost estimate to $1.5-$1.8 billion. The downward adjustment reflects new trade levies imposed by the Biden administration, with Q3 alone expected to absorb $500-$600 million in additional costs.
Analysts reacted swiftly, with Baird maintaining its outperform rating but cutting price targets. The stock's decline outpaced the broader market's 0.6% dip, highlighting investor concerns about persistent margin pressures. Caterpillar will provide further details during its October 29 earnings call.
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