Caterpillar's Stock Slumps After July Retail Sales Data
Shares of Caterpillar Inc. slumped 1.4% in morning trade Thursday, after the industrial machine and equipment maker reported the declines in retail sales of machines in the last month accelerated from the previous month. Total retail sales of machines for the three-month rolling period ending July fell 19%, after declining 12% for the period ending June. Sales of machines in resources industries declined 42%, after falling 30% in June, while the pace of declines of construction industries sales increased to 10% from 6%. In North American, total retail sales of machines dropped 20% after falling 12% the month before. Meanwhile, total energy and transportation retail sales declined 24%, after falling 26% in June. The stock, which closed Wednesday at a 13-month high, has climbed 23% year to date, while the Dow Jones Industrial Average has gained 6.6%.
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