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☆ Caterpillar Commits to Not Closing Union Plants Under New Contract
▼ + stars: | 2023-03-04 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

Photo: Andrea Morales for The Wall Street JournalCaterpillar plants in the southern U.S. like this engine remanufacturing facility in Corinth, Miss., aren’t unionized. Caterpillar Inc. said it has agreed to not close additional union-represented plants under a new tentative contract deal with the members of the United Auto Workers union. The moratorium on plant closings, outlined this past week, follows years of Caterpillar consolidating operations and moving production away from unionized work sites in the Midwest.

☆ Caterpillar reaches tentative deal with union, averting possible strike
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Construction equipment maker Caterpillar Inc (CAT.N) said on Wednesday it reached a tentative six-year labor agreement with a union that represents workers at its four facilities, possibly fending off a strike. Union workers had threatened to strike for wage increases, improved safety measures and better healthcare benefits once the existing six-year labor contract expires. The United Auto Workers (UAW) said its negotiating team had reached the tentative agreement before the contract ends on March 1. "Members at four locals in Illinois and Pennsylvania will review the tentative agreement and vote at upcoming ratification meetings," the UAW said in a statement, without giving any other details. In January, union workers at the four Caterpillar facilities voted almost unanimously to authorize a strike, according to one local union's Facebook page.

The yield on two-year Treasury notes , which closely tracks short-term interest rate expectations, rose to 4.9%, its highest level since 2007. "You also got a tick up in the ISM prices paid, which means that prices generally are rising now for manufacturing. That's higher than where Fed policymakers in December signaled they would need to raise the policy rate. Money market traders see an about 80% chance of a 25-basis-point rate hike later this month, but the odds of a bigger 50 bps rate hike have grown recently. The main U.S. benchmarks ended February with losses as investors braced for the possibility that the Fed will hike rates more than initially thought on signs of resilience in the economy.

☆ Some US Caterpillar workers plan possible strike once contract expires
▼ + stars: | 2023-02-28 | by ( Bianca Flowers | ) www.reuters.com time to read: +2 min

REUTERS/Michaela RehleFeb 28 (Reuters) - Union workers at four Caterpillar Inc (CAT.N) U.S. facilities have threatened to strike for wage increases, improved safety measures and better healthcare benefits once a six-year labor contract expires this week. "We've been losing every contract for decades - the 2017 contract was nowhere near what we needed," the statement read. In January, union workers at the four Caterpillar facilities voted almost unanimously to authorize a strike, according to one local union's Facebook page. However, the Irving, Texas-based company said on its website that it will "continue to operate our facilities" with management and contract workers. A short supply of workers, experts said, has given unions bargaining power to negotiate better contracts.

☆ U.S. business equipment borrowings grow 6% in January - ELFA
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - U.S. companies borrowed 6% more in January to finance equipment investments from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Friday. New business volume, however, was down 32% month-on-month after the typical end-of-quarter, end-of-year spike in new business activity. ELFA, which reports economic activity for the $1 trillion equipment finance sector, said credit approvals were 75.1%, down from 76.6% in December. Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in February stood at 51.8, an increase from 48.5 in January.

☆ Silicon Valley layoffs are a boon for tech-hungry farm equipment makers
▼ + stars: | 2023-02-13 | by ( Bianca Flowers | ) www.reuters.com time to read: +7 min

The executives said the newly available tech talent could inject much-needed expertise into farm equipment manufacturing, helping to transform the industry through the use of more artificial intelligence and automation. Detroit automakers are also hiring tech workers to meet the growing software needs of vehicles, auto executives have said. REMOTE-CONTROLLEDDeere's main rival, Irving, Texas-based Caterpillar Inc. (CAT.N), is also making a big push to recruit tech talent. "Companies really need to jump into action," said Michael Solomon, co-founder at 10x Management, a compensation negotiation agency for senior tech talent. The amenities aim to attract tech workers.

☆ Top Wall Street analysts find these stocks compelling
▼ + stars: | 2023-02-05 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +4 min

Here are five stocks chosen by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their track records. (See Tesla Hedge Fund Trading Activity on TipRanks) Rakesh holds the 113th position among more than 8,000 analysts tracked on TipRanks. (See McDonald's Dividend Date & History on TipRanks) Despite tough macro conditions, McDonald's intends to expand further to grab additional business. Saleh ranks 383 out of more than 8,300 analysts on TipRanks, with a success rate of 65%. In line with his bullish stance, Goldman reiterated a buy rating and increased his price target to $74 from $71.

REUTERS/Phil NobleCOVENTRY, England, Feb 1 (Reuters) - Developing fully autonomous vehicles (AVs) that can go everywhere has proven harder and more expensive than expected, but investors are continuing to fund startups that target simpler self-driving vehicle solutions far removed from pedestrians and other vehicles operated by unpredictable humans. Earlier promises made by robotaxi companies of operating fleets of vehicles by the early 2020s have fallen well short. BMW iVentures has also invested in AV truck technology firm Kodiak Robotics, which managing partner Sage said has adopted a simpler approach to areas like mapping. Construction and agricultural equipment - used off-road in low-traffic environments - has been another growth area for AV startups. U.S. agricultural equipment maker AGCO Corp (AGCO.N), for instance, is using the Palo Alto, California-based startup's software for an experimental automated electric planter.

☆ Caterpillar Earnings Show Sales Up 20% on Strong Demand
▼ + stars: | 2023-01-31 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Caterpillar Inc. posted a 20% increase in quarterly sales as demand for its construction and energy equipment held up despite higher prices. The construction equipment maker, based in Irving, Texas, said Tuesday that demand for its construction and mining equipment as well as its engines for transportation and energy generation stayed strong even as the company charged higher prices. Sales came to $16.60 billion for the quarter, topping Wall Street expectations.

Jan 31 (Reuters) - Caterpillar Inc's (CAT.N) fourth-quarter earnings slid by 29%, the company reported on Tuesday, citing higher manufacturing costs and foreign currency effects that weighed on the industrial bellwether's margins. The Texas-based company noted that profit was also hit by a $925 million "goodwill impairment" charge and margin-eroding restructuring costs. Strong pricing that the company implemented over the past two years in an effort mitigate rising manufacturing costs have sustained top-line growth. Caterpillar's sales and revenue for the quarter rose 20% to $16.6 billion despite weaker sales in the Asia Pacific region. Operating profit rose 4% to 1.7 billion while free cash flow from the ME&T division came in at $5.8 billion.

☆ Futures drop as earnings roll in, Fed rate decision in focus
▼ + stars: | 2023-01-31 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Fourth-quarter earnings season took center stage, with Caterpillar Inc (CAT.N) down 2.6%, as the heavy equipment maker reported a drop in quarterly profit on higher manufacturing costs. Pfizer Inc (PFE.N) slid 3.2% after the drugmaker's full-year revenue outlook for its COVID-19 products fell short of expectations. As many as 140 S&P 500 companies had reported earnings for the fourth-quarter by Monday. ET, Dow e-minis were down 111 points, or 0.33%, S&P 500 e-minis were down 11 points, or 0.27%, and Nasdaq 100 e-minis were down 50.25 points, or 0.42%. (This story has been corrected to say Caterpillar reported a drop in quarterly profit, not missed analysts' estimates, in paragraph 2)Reporting by Johann M Cherian and Shreyashi Sanyal in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Caterpillar profit falls as costs weigh
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: 1 min

Jan 31 (Reuters) - Caterpillar Inc (CAT.N) on Tuesday reported a drop in quarterly profit as increasing manufacturing costs related to materials and freight pressured the heavy machinery maker's margins. Fourth-quarter earnings per share slid by 29%. Adjusted profit for the quarter ended December rose to $3.86 per share from $2.69 a year earlier. (This story has been corrected to remove reference/comparison to analysts' estimates throughout and to add that fourth-quarter earnings per share slid by 29% in second paragraph)Reporting by Aishwarya Nair in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Jan 31 (Reuters) - U.S. stock indexes were set to open higher on Tuesday after wage growth data pointed to easing inflation ahead of the Federal Reserve's decision on interest rates. U.S. labor costs increased less than expected last quarter as wage growth slowed, suggesting that the central bank's aggressive approach to taming inflation was taking hold. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." The U.S. 10-year Treasury yield fell after the labor costs data, and was last at 3.50% compared to 3.55% on Monday. The world's largest parcel delivery firm United Parcel Service(UPS.N) also added 1.9% on strong quarterly earnings.

U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, bolstering expectations of the Fed slowing the pace of its interest rate increases. "As the Fed meeting begins today, they'll be looking at every index that could give them a better judgment on inflation and this is one of them," said Peter Cardillo, chief market economist at Spartan Capital Securities LLC. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." United Parcel Service (UPS.N) jumped 4% on strong quarterly earnings, boosting the Dow Jones Transport Average index (.DJT). The S&P index recorded four new 52-week highs and no new low, while the Nasdaq recorded 32 new highs and 14 new lows.

☆ Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Wall Street's downbeat start to an action-packed week has set a bumpy course for Asian markets on Tuesday. The Bank of England and the European Central Bank are poised to follow the Fed by hiking crucial interest rates by a more aggressive 50 basis points. Meta Platforms Inc (META.O) waits in the wings on Wednesday, with Apple Inc (AAPL.O), Amazon.com (AMZN.O) and Alphabet Inc (GOOGL.O) on deck for Thursday. Those policies have since been relaxed, sparking hopes of demand revival in China, which could take some of the sting of restrictive central bank policy.

☆ Morning Bid: Fasten your seatbelts
▼ + stars: | 2023-01-30 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

☆ Amazon, Apple, Alphabet Headline Another Busy Earnings Week
▼ + stars: | 2023-01-28 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Amazon.com Inc.’s quarterly earnings report this coming week will provide insight on the health of online shopping. Apple Inc., Amazon .com Inc., Meta Platforms Inc. and Alphabet Inc. report earnings in the coming week, four of the many companies providing quarterly updates as layoffs and slowing growth hit the tech industry. Leaders across multiple industries—such as fossil-fuel giant Exxon Mobil Corp., pharmaceutical company Merck & Co., fast-food chain McDonald’s Corp. and construction-equipment giant Caterpillar Inc.—are also scheduled to report their financials in the coming week.

☆ ISSB Plans to Finalize Rules on Disclosure of Climate-Related Risks in 2023
▼ + stars: | 2023-01-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +5 min

And then quite naturally, we’re now looking at what’s next,” Mr. Faber said. The International Financial Reporting Standards Foundation, an accounting standards body based in London, launched the ISSB to develop sustainability reporting standards. One of the rule proposals would see companies disclose significant climate-related risks, such as floods and other extreme weather events. The number of global companies reporting under four different frameworks rose to 255 in 2020 from eight in 2019, the data shows. These “adjacent topics” are top of mind for investors, according to Mr. Faber.

☆ U.S. business equipment borrowings rise 9% in November - report
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - U.S. companies borrowed 9% more to finance their equipment investments in November from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday. "Labor markets are stable, inflation woes appear to be abating, consumers are spending, and businesses continue to expand and grow: a recipe for stable growth by providers of equipment financing," Petta added. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.7%, slightly above the October level. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. ELFA's non-profit affiliate, Equipment Leasing & Finance Foundation, said the confidence index in December stood at 45.9, compared with 43.7 in November.

☆ Komatsu CEO: no immediate plan to withdraw from Russia
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

Komatsu has a manufacturing plant in Yaroslavl, Russia. But various developments could take place as we go forward," Komatsu Chief Executive Hiroyuki Ogawa told reporters in an online interview. "There may come a time when we will need to decide whether or not to withdraw (from Russia). Russia and other countries in the Commonwealth of Independent States (CIS) accounted for 7% of Komatsu's heavy machinery sales in the year to end-March 2022. "I don't necessarily think demand in the next business year will be good when compared with this year's," Ogawa said.

☆ Stolen checks, fraudulent activity: three major trade association PACs fell victim to theft in what's become a political epidemic
▼ + stars: | 2022-11-30 | by ( Madison Hall | ) www.businessinsider.com time to read: +6 min

An Insider review of FEC filings shows that the National Association of Manufacturers' PAC reported eight instances of stolen and fraudulent checks and bank transfers, amounting to more than $10,000 in losses. Federal Election CommissionAnother trade association, the National Association of Home Builders, reported three instances of "fraudulent debit" during the 2021-2022 election cycle, amounting to more than $20,000 in lost funds. A filing with the FEC from the PAC of the National Association of Home Builders that details money lost from fraudulent disbursements. Federal Election CommissionThe National Association of Home Builders represents more than 140,000 members who construct close to 80% of all the new homes built in the US, per the association's website. The National Association of Home Builders did not respond to Insider's request for comment.

☆ U.S. business equipment borrowings grew 6% in October- ELFA
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - U.S. companies borrowed 6% more in October to finance equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Monday. The companies signed up for $11.3 billion in new loans, leases and lines of credit last month, compared with $10.7 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77%, marginally down from 77.3% in September. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in November stood at 43.7%, down from 45% in October.

☆ Wall St down for fourth straight day on Fed rate hike worry
▼ + stars: | 2022-11-03 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2022. read moreWith roughly 80% of S&P 500 companies having reported earnings, the expected growth rate is 4.7%, according to Refinitiv data, up slightly from the 4.5% at the start of October. Declining issues outnumbered advancing ones on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favored decliners. The S&P 500 posted 6 new 52-week highs and 46 new lows; the Nasdaq Composite recorded 77 new highs and 291 new lows. Reporting by Chuck Mikolajczak in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ S&P 500, Nasdaq slide, while Dow ends higher on mixed earnings picture
▼ + stars: | 2022-10-27 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

That sent S&P 500 futures down 0.5% and Nasdaq futures down 0.6%, showing traders expect Wall Street to open lower on Friday. Among the 11 major sectors of the S&P 500, industrials had the biggest percentage gain, with communication services (.SPLRCL), weighed by Meta, down the most. Third-quarter reporting season forges ahead at full speed, with 227 of the companies in the S&P 500 having reported. Shares of Southwest Airlines Co (LUV.N) rose 2.7% after the carrier's quarterly profit topped consensus estimates. The S&P 500 posted 23 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 93 new highs and 119 new lows.

☆ Caterpillar posts higher adjusted profit on strong equipment demand
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Heavy-equipment maker Caterpillar Inc (CAT.N) posted a rise in third-quarter profit on Thursday as robust demand, low inventories and raised prices helped it mute the impact of higher material and freight costs. "We continued to see healthy demand across most of our end markets during the third quarter," Chief Executive Jim Umpleby said. In the previous quarter, the company had flagged a bigger drop in demand for its excavators in its growth market, China. Caterpillar's revenue for the quarter through September rose to $15.0 billion from $12.4 billion a year ago. Adjusted profit rose to $3.95 per share from $2.66 per share a year earlier.

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