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Monday, October 19, 2009
Report: Caterpillar Gains 6% Ahead of 3Q Earnings
FOXBusiness
Shares of Caterpillar Inc. (CAT) hit a new 52-week high on Monday, as traders looked ahead to the company’s third-quarter earnings, due out on Tuesday, with optimism.
The company led the Dow Jones Industrial Average upward, gaining just over 6% in Monday’s session.
Caterpillar’s gains on Monday were fueled by a bump in its target stock price from $52 per share to $65 per share by Bank of America Merrill Lynch, according to Reuters.
The stock closed at $57.85, up $3.28 on the day, and was trading 18 cents higher in after-hours trading on Monday.
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