Caterpillar Posts Sharp Q2 Profit Drop with Reduced Outlook and 2 Other Dow Movers to Watch
Caterpillar Inc. (NYSE:CAT): Current price $83.19
On Wednesday, the mining and construction equipment manufacturer reported a 43.5 percent slide in quarterly profit, and reduced its outlook for 2013, blaming sharper-than-anticipated inventory reductions by dealers, and ongoing weak demand from the mining industry. Caterpillar has slashed its global workforce by 8 percent during the past year, and said that cost-cutting would continue in the second half. In a CNBC interview, Chairman and Chief Executive Doug Oberhelman said, “There’s no question there’s a slowdown. But long-term…mining is a great place to be.”
Chevron Corp. (NYSE:CVX): Current price $126.33
The Chevron division Chevron Products Company, which produces the Delo brand of technologically advanced engine oils, lubricants, and coolants, announced Wednesday that Sun Coast Resources Inc. is one of seven Grand Prize winners in its Great Outdoors Sales Contest. The contest rewards impressive sales of select Delo products during the winter of 2012/2013, and ran from November 1, 2012 to January 30, 2013. Grand Prize winners are given a John Deere RSX850i Gator, valued at $15,000. Sun Coast has become one of the biggest marketers of high quality fuels and lubricants, along with related services, in the United States.
E.I. DuPont de Nemours and Co. (NYSE:DD): Current price $57.42
In contrast to the ongoing food cleanliness scandals in China, DuPont has opened a new cutting-edge probiotics blending and packaging facility in Beijing. Prior to this, the firm had set up a small pilot plant to test the Chinese market. DuPont’s new facility will collaborate with both dietary supplement and dairy companies in China. Industry estimates cited by DuPont indicate that the world probiotics market is valued at $32 billion, and could grow to $45 billion by 2018.