Caterpillar Stock Pulls up the Dow Thanks to Demand from Data Centers
Dow Jones08-04
Caterpillar is giving the Dow industrials a big lift after its results showed strong demand for construction equipment for data center and infrastructure projects.
The stock is up about 6%, single-handedly adding around 300 points to the Dow's gains this morning.
Construction equipment sales grew by 35% on year during the second quarter. Sales from North America led the charge with a 50% increase. Profit from the construction business rose 57% to $1.9 billion.
Caterpillar's dealers also continued to increase their inventories of construction machinery during the quarter. The company and its dealers are expanding rental fleets in response to rising equipment demand. Read more on the earnings here.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments