Caterpillar Inc | $CAT Stock | Shares Surge Following Strong Q3 Earnings

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Caterpillar

Caterpillar Inc (NYSE: CAT)

 

Caterpillar Inc is raging in the premarket following a strong Q3 earnings release along with upbeat guidance that topped analyst expectations. Shares are currently up nearly 7.8% and are looking to open up at all time high in the $140 range.

The company announced earnings per share of $1.95 compared to $0.85 for the same period last year with revenues coming in at $11.4 billion which was well above the $10.7 billion estimated by analysts. They also announced that they are expecting full year revenue to be at the higher end of their range at $44 billion.

Caterpillar Technicals

Caterpillar

Shares of $CAT are surging in the premarket on strong volume and were up 7.8% from yesterdays close at the time of this writing. Prices are pushing all time highs and are looking to open around the $140 range.

This has been a pivot level as you can see in the 5-minute chart above so we can look to trade against that level with the next support coming in at $137.30 followed up by the previous days high at $132.34.

We will likely see resistance at premarket highs currently at $141.98 and then after that we can start to look at whole and half dollar marks for potential resistance.

Executive Comments

“Cat Financial’s portfolio and business continues to perform well. We believe customer risk exposure is well managed, with a broad distribution of portfolio exposure across our global customer base,” said Dave Walton, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar Inc. “Cat Financial remains well positioned to serve Caterpillar customers and dealers worldwide through financial services excellence.” 

CAT Profile

Caterpillar, Inc. engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It provides technology for construction, transportation, mining, forestry, energy, logistics, electronics, financing, and electric power generation.

It operates through the following segments: Construction Industries, Resource Industries, Energy & Transportation, and Financial Products. The Construction Industries segment supports customers using machinery in infrastructure and building construction applications.

The Resource Industries segment responsible for supporting customers using machinery in mining and quarrying applications and it includes business strategy, product design, product management, and development, manufacturing, marketing and sales and product support. The Energy & Transportation segment supports customers in oil and gas, power generation, marine, rail, and industrial applications.

The Financial Products segment line business provides a wide range of financing alternatives to customers and dealers for Caterpillar machinery and engines, solar gas turbines as well as other equipment and marine vessels. The company was founded on April 15, 1925 and is headquartered in Peoria, IL. –MarketWatch

 

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