Diamonds and Dogs
The Cat is back! Industrial Caterpillar (CAT) is jumping 7% to a new high after easily beating earnings estimates on better than expected earnings and raised guidance for 2017. Revenues rose 3.8% year/year to $9.82 billion. Going forward, Caterpillar sees earnings of $3.75, excluding non-recurring items, vs. $3.26 estimates. Looks like International sales are back.
Ryder is in a storm. The trucking company, Ryder System (R ) is down 10% to a six month low after missing earnings estimates. Revenues rose 7.3% year/year to $1.75 billion. Looking forward, Ryder is guiding full year earnings estimates below consensus. The company is reducing their full-year earnings forecast due to slowing demand for commercial rentals which is expected to last for the balance of the year.
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