URI - Why Caterpillar Stock Is Climbing Higher Today
2024-01-25 15:29:15 ET
Investors waiting eagerly to see what Caterpillar (NYSE: CAT) has to say next month when they report year-end results got a potential preview from another public company. Commentary from United Rentals (NYSE: URI) appears to have lit a fire under shares of Cat, sending shares of the heavy equipment maker up nearly 3% as of 2:30 p.m. ET Thursday.
The stock had been up as much as 4.3% earlier in the day.
Caterpillar has a lot riding on its upcoming earnings report, which is due to be released on Feb. 5. The company's third-quarter report was a disappointment , sending shares crashing down 17% for the month of October. The shares have mostly recovered in the months since, but investors are nervous about what the company will say about the year to come.
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Why Caterpillar Stock Is Climbing Higher Today