Caterpillar, a Dow component and gauge for global economic health reported mixed second-quarter numbers on Tuesday before the market open. $CAT beat on earnings but missed on revenue. Price realization was the highest in more than two years despite recessionary impact for the cyclical construction and mining businesses. The stock had significantly outperformed the market in 2022 after the market sold off the stock with concerns about the supply chain and inflation heading into 2022. However, $CAT fell to $183.51 … Continue reading “Caterpillar Tempered Sales with Global Supply Chain and Inflation Uncertainty”
Gold and copper producer Newport Goldcorp announced weaker than expected second quarter earnings Monday sending their stock sharply lower. By lunchtime NEM was trading at 45.26-6.13 ( -11.94%) a more than two-year low. The companies’ shares have tumbled 40% over the past three months. Profit was down almost 41% from a year ago, reflecting a drop in gold prices and cost of sales jumped 33% while sales fell. Newmont: Boddington Australia Newmont Q2 2022 Earnings Newmont second-quarter profit fell well … Continue reading “Gold Miner Newmont Shares Crumble 12% After Earnings Miss on Weaker Bullion Prices”
Industrial production slowed in May with manufacturing the culprit. Total industrial production rose 0.2% month-over-month in May lower than the consensus 0.5% following an upwardly revised 1.4% increase (from 1.1%) in April. The capacity utilization rate increased to 79.0% again missing the consensus 79.3% from a downwardly revised 78.9% (from 79.0%) in April. US May Industrial Production Highlights Manufacturing output decreased 0.1% after increasing 0.8% in April. Motor vehicle assemblies increased 2.0% month-over-month to a seasonally adjusted annual rate of … Continue reading “US Industrial Production in May Slows with Manufacturing Falling”
Caterpillar, a Dow component and gauge for global economic health reported better-than-expected fourth-quarter numbers on Friday. However, the market sold off the stock with concerns about the supply chain and inflation heading into 2022. $CAT shares fell to $201.16, down $11.01 or 5.19%. The industrial equipment manufacturer is right at the front line for global supplies. Caterpillar Inc. (NYSE: $CAT) Reported Earnings Before Open Friday $2.69 Beat $2. 27 EPS Forecast AND $13.8 Billion Missed $12.6 billion forecast in revenue … Continue reading “Caterpillar Earnings Beat but Global Supply Chain and inflation Uncertainty Remains”
Iron ore has been a clear leader from the early days of the raw materials rally. It is also the most volatile. Volatility is fed by the ongoing trade war between the world’s biggest producer of iron ore, Australia and one of the biggest users, China.
Australian mining giant BHP is in sync to replace diminishing iron ore output from it’s existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined this month.
BHP continues to write down it’s fossil fuel assets cutting up to $1.6 billion from the value of its Mt Arthur thermal coal mine in the Hunter Valley. BHP sold its U.S. shale assets to Britain’s oil major BP for $10.5 billion in 2018 selling off “non-core and we are actively pursuing options to exit these assets for value”.
Gold and copper producer Newport Goldcorp announced a $1 billion stock buyback program Monday, which could represent about 3.2% of $NEM shares outstanding. The company also updated on it’s gold production.
Global industrial equipment manufacturer Caterpillar reported worse than expected third quarter 2019 EPS before the market open Wednesday and again warned that China demand was falling. $CAT fell 2.5% but reversed to close up 1.2% on the day. Caterpillar also lowered full-year earnings guidance.
Global industrial equipment manufacturer Caterpillar reported worse than expected second quarter 2019 EPS before the market open Wednesday and again warned that China demand was falling and the trade war impacting. $CAT fell 5% on the release.