Caterpillar Stock Set To Add More Than 30 Points To Dow Industrials

By Mark DeCambre Markets MarketWatch Pulse

The Dow Jones Industrial Average on Tuesday was set to jump at the open, aided by better-than-expected earnings from farm-and-industrial-equipment giant Caterpillar Inc. Caterpillar's shares jumped more than 4% in premarket trade after it delivered earnings of $1.49, outstripping analysts' average estimates of $1.26. The Peoria, Ill.-based company also posted better-than-expected revenue and raised its full-year guidance for 2017 profit and revenue, delivering a fillip to Dow futures. Dow futures were up 69 points, or 0.3% at 21,568, implying a strong, triple-digit open for for the blue-chip gauge. Caterpillar's stock on Monday rallied after it was upgraded by BMO Capital, with analysts Joel Tiss raising his stock price target to $125 from $110. The Caterpillar earnings came amid a barrage of corporate quarterly results, including 3M Co. , whose shares were down 2.3% in premarket action after disappointing Wall Street. Overall, equities were looking to trade in record territory, with futures for the S&P 500 index gaining 0.2%, while those for the Nasdaq-100 were trading flat after Google-parent Alphabet Inc. delivered results late Monday.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.