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Private Briefingwith WILLIAM PATALON III, Executive Editor
Aside from the continued sell-off in U.S. tech stocks, one of yesterday’s top financial news stories was the fact that U.S. inflation is accelerating – and at a pace that’s exceeding forecasts.
And the surge in food prices is one of the big catalysts…
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The stock market today opened lower as yet another American corporation, Caterpillar Inc. (NYSE: CAT), disappointed investors with its earnings call.
Here's the market roundup, along with one stock that is soaring today because analysts say there is a "50% chance" it could be acquired.
The company currently estimates it will generate net income between $9 and $9.25 per share on sales of $66 billion for fiscal 2012. This is down from a July forecast calling for EPS of $9.60 on revenue between $68 and $70 billion. In 2013 the company said its revenue could range between 5% higher or lower than this year's results. "The biggest concern is the declining backlog, which would imply a more challenging year next year, especially for mining, and whether or not North American construction will re- accelerate," Larry De Maria, a New York-based analyst for William Blair & Co. who has a buy rating on the shares, told Bloomberg News today in a telephone interview. "Caterpillar's business is very economically sensitive. Due to the softening of the global economy and increasing uncertainty, order rates have declined." After a bad start in trading today CAT stock has rebounded and is up 1.1% as of noon.
While earnings have taken their toll on corporate giants, this stock is up almost 30% today on hopes of a buyout:
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