HOME ZACKS RESEARCH FUNDS PORTFOLIO BROKER RESEARCH MARKETS SCREENING EDUCATION SERVICES

Profit Tracks
Nine stock picking strategies that have crushed the market since 2001, updated every day on Zacks.com. Click Here to Learn More.
Quote:
Login Free Membership
Search:

 
Tale of the Tape  

CAT Announces More Layoffs

March 17, 2009 | Comments: 0
Recommended this article (1)
CAT
Print    Share

Caterpillar Inc.
(CAT - Analyst Report) plans to lay off 2,454 employees across 5 plants in Illinois, Indiana and Georgia to cut costs amid recessionary conditions.

The stock is trading marginally down 0.5% while volumes are at lower-than-average levels. The world’s largest manufacturer of mining and construction equipment said the layoff will impact 2,365 support and management workers for 6 months, while 89 will be let go permanently.

CAT had announced the elimination of 22,000 positions in January coupled with an up to 50% reduction in executive compensation.

Analysts have already slashed fiscal 2009 earnings estimates by 8 cents over the past month and by $2.22 over the past 60 days.

CAT is currently a Zacks #5 Rank ("Strong Sell") stock.


Email

Print

Share

RSS

Rate Pos

Rate Neg

Comment
Read/Post Comments (0) | Recommended this article (1)
 Posting Comment...
There was a problem posting this this comment. Please try back later.
[CLICK TO CLOSE X]
Comments (Limit 1000 Characters - Used: 0)
Display Name: Email Address:  
 Loading Comments...
Be the first to comment on this article!

More Zacks Resources

Market Summary Nov 04, 2009 09:40 am ET
DJIA 9905.45  133.54 1.37%
NASD 2077.32  20.00 0.97%
S&P 500 1058.74  13.33 1.28%
Sponsored Links