A weak economy that has settled for less performance, lower standard of living, and is probably in a long recession except for numbers manipulation.
Myles Udland
September 24, 2015
On Thursday, the industrial giant announced that it will cut up to 10,000 jobs as part of a restructuring plan in the face of what it called, "a convergence of challenging marketplace conditions in key regions and industry sectors — namely in mining and energy."
In early trading on Thursday, shares of the company were down over 7%.
Year-to-date, the stock is down about 25%.
Caterpillar is seen as a bellwether for the global economy because its equipment is big, expensive, and often the kind of investment a company only makes when they feel confident about their prospects and the global economy.
Additionally, Caterpillar has been seen as one of the leading indicators on China's economic slowdown given the decline in the company's sales in that region over the last several years. This news out of Caterpillar follows a warning earlier this week from its UK-based rival, JCB, that it would cut jobs due to a slowdown in Russia, China, and Brazil.
In its announcement on Thursday, the company notes that 2015 will be its third straight year of sales declines. And with sales also expected to decline in 2016 to around $48 billion, the company could be looking at its first four-year stretch of sales drops in its 90-year history.
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Obviously we need more illegal immigrants and muzzzy scum to infest the USA.
Surprising.
I expected that the memo from the White Hut to Wall Street to start pumping up the markets this morning—so as to calm the rubes—would have gone out yesterday afternoon.
Still early in the day, though.
Hey, maybe Caterpillar could save a little money by not donating to the Boy Scouts of America......HaHaHaHaHa!!!
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