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. Last Updated: 07/27/2016

Caterpillar Stocks Fall




PEORIA, Illinois -- Caterpillar Inc. stock plummeted after the company warned its fourth-quarter profits will tumble because of continued slow machine sales.


Caterpillar stock fell $4.93 to $51 a share early Friday on the New York Stock Exchange, a fall of 9 percent.


The world's largest maker of heavy machinery now expects fourth-quarter results to be slightly higher than the 61-cents-a-share profit from the third quarter.


Industry analysts surveyed by First Call/Thomson Financial had expected earnings of 97 cents a share, up from 83 cents a share in the fourth quarter of last year.


Caterpillar implemented a series of shutdowns this year at its track-type tractor division plant in Peoria, Illinois, in an attempt to bring production in line with weak demand for mining equipment.