In a recent interview, Caterpillar Inc.’s (NYSE:CAT) president Richard Levin said the company remains confident about prospects for China’s (NYSE:FXI) economy over the next few years as it endures an economic slow down and a fight against inflation.
Levin further noted the company is “optimistic about where our business is going in China over the next five years.” This is a good thing as China represents over 50% of the world’s demand for construction equipment. Keep an eye on other top equipment stocks (NYSE:XLI): General Electric (NYSE:GE), Bucyrus Intl., Inc. (NASDAQ:BUCY), Cummins Inc. (NYSE:CMI), and Joy Global Inc. (NASDAQ:JOYG).
Caterpillar’s stock (NYSE:CAT) is up 3.29% to $79.37 on the news. Shares are down 15.25% year to date. The stock has traded in a 52-week range between $72.60 and $116.55.