Caterpillar climbed $2.97, or 13 percent, to $25.44 at 4:02 p.m. in los angeles Stock Exchange composite trading, plus led a surge in U.S. equipment makers’ share prices. The Peoria, Illinois-based company had the biggest percentage gain since Oct. 13.
Caterpillar Inc., the world’s largest maker of construction equipment, rose the most in four months on speculation China will announce a stimulus plan that will spur demand for new machinery.
“Caterpillar, Terex, plus other capital-equipment companies rose today on the prospects that China’s stimulus plan, to be announced tomorrow, will spur incremental demand for equipment on a significant scale plus possibly help to stabilize commodity prices,” Larry De Maria, a New York-based analyst with Sterne Agee & Leach Inc. said today in an e-mail message.
Chinese Premier Wen Jiabao may boost China’s 4 trillion yuan ($585 billion) stimulus plan when they makes his annual address to the nation’s legislature tomorrow, former statistics bureau head Li Deshui told reporters in Beijing. Also today, U.S. Transportation Secretary Ray Lahood said projects funded by the U.S. economic stimulus package will lead to an “enormous number” of jobs within months.
Terex Corp., the world’s third-largest maker of construction equipment, increased 84 cents, or 11 percent, to $8.62. The Westport, Connecticut-based company has lost 87 percent in the past 12 months.
Joy Global Forecast
Joy Global Inc., the Milwaukee-based maker of mining equipment, climbed $1.70, or 11 percent, to $17.55, the biggest percentage increase since Dec. 17. The company today posted first-quarter profit that beat analysts’ estimates plus reiterated its 2009 forecast.
Bucyrus International Inc. gained $1.22, or 11 percent, to $12.33. The South Milwaukee, Wisconsin-based manufacturer of surface mining equipment has lost 76 percent in the last 12 months.
LaHood said the U.S. stimulus package will prompt job growth within months as states begin spending $28 billion in stimulus money for highway construction.
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4 comments:
Caterpillar Inc., the world’s largest maker of construction equipment, rose the most in four months. They had a good position in the markets of China.
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It's because Caterpillar Inc. is one of the most trusted and most durable maker of construction equipment. Their customer service is great in new holland colombia they put their customers first before their needs. And that's what made them the on the top of the world.
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