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Midday Wrap: Caterpillar Pares Losses, Boeing Rises on 737 MAX News

Video Credit: The Street
Published on October 23, 2019 - Duration: 01:28s

Midday Wrap: Caterpillar Pares Losses, Boeing Rises on 737 MAX News

Boeing Co.

Shares jumped the most in more than two months after it posted weaker-than-expected third quarter earnings Wednesday, but said it still expects the troubled 737 MAX aircraft to receive approval from at least one major regulator before the end of the year.

Boeing said earnings for the three months ending in September came in at $2.05 per share, down 42% from the same period last year and four cents shy of the Street consensus forecast.

Group revenues, Boeing said, fell 20.55% to $19.98 billion, a figure that modestly topped analysts' estimates of a $19.67 billion tally.

Caterpillar posted weaker-than-expected third quarter earnings Wednesday, while lowering it full-year profit outlook, as weakening Asia sales amid the ongoing U.S.-China trade war hammered its bottom line.

Caterpillar said earnings came in at $2.66 per share, down 7% from the same period last year and well shy of the Street consensus forecast of $2.90 per share.

Group revenues were also disappointing at $12.8 billion, down 5.1% from last year and missing analysts' estimates of a $13.5 billion tally.

Caterpillar said it will cut its full-year profit target to between $10.90 and $11.40 per share, compared to a prior range of $12.06 to $13.06 per share.

Caterpillar is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.

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