U.S. Morning Call: Caterpillar quarterly profit falls 55%
Monday, January 28, 2013 - 04:28
Jan 28 - Caterpillar reported fourth-quarter earnings per share well under Street estimates and sees a weak start to the U.S. and world economy in 2013.
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-- boarding call for Monday results just out from caterpillar minutes ago. Earnings per share came in well below expectations and a dollar for per share that forecast was for a dollar 69. Revenue also came in lower than expected. Caterpillar says quote overall we expect the world economy will begin the year with weak growth and improve. As 2013. Unfold and also says expect some improvement in the US economy the growth is expected to be. Relatively weak. Caterpillar trading slightly lower in the premarket right now chief executive -- over helmet. We'll have some explaining to do in relation to 580. Million dollar write down. Caterpillar but Chinese equipment maker ER a mining last year but it into a probe recently uncovered. Fraud. That was designed to up the value of the business in the years before the deal. In stocks to watch we've got more earnings Yahoo! expected to report strong quarter after the bell today. Shares trading at forty year highs with new CEO Marissa Mayer approaching her six month anniversary. Her promise to return cash to investors for a partial sale of its -- about the state has won favor with Wall Street. A slew of news executive hires have also raised hopes. Mayor told CNBC on Friday that she was focusing on building strong partnerships with apple Google and FaceBook. This next story on Barnes & Noble coming from today's Wall Street Journal out of the front page in the marketplace section here. The stores retail keep telling the paper that plants to cut about a third of stores over a decade. Currently 689. Stores -- operation. Along with a separate chain of over 600 college outlets. Barnes & Noble enjoyed a sales -- after Borders Group liquidated in 2011. But those -- -- on the bookstore -- a ten point 9% deep crease in sales over this holiday period. And shares of trans ocean up 2% in the premarket after activist investor Carl Icahn on Friday. Pushed the driller to declare a dividend of at least four bucks a share. -- called -- one and a half percent stake in the company and is seeking regulatory approval to buy shares worth more than 682. Million bucks. Which amounts to a five point 6% stake. Moving onto US stock futures point to a -- opened this morning after barking a few milestones on Friday. Yes and 15100 for the first time in more than five years. And on the macro front we've got pending home sales data at 10 AM eastern IFR expect sales have dropped in December by about 2%. Housing guru Robert -- still cautious on the sector in Sunday's New York Times he writes quote. The bottom line for potential home buyers -- sellers is probably this. Don't do anything dramatic or difficult there's too much uncertainty to justify an aggressive speculative moves right now. Shoppers this past holiday season apparently didn't do anything dramatic to the disappointment of -- chains. But how did this year The National Retail Federation will get its forecast for retail spending in 2013. This sector could take a hit following the implementation of higher taxes on more Americans which would potentially pinch spending. We -- Reuters exclusive. To airline's records the Japanese government east safety regulations for the bungled Boeing 787. Ahead of its -- Those flammable lithium ion batteries overlooked as a result of the looser rules. Pressured. The early roll out would also have helped Japanese firms that supply 35%. Of the 780 cents parts. But wings to a electrical systems and batteries used to save fuel. Boeing expected to post a strong financial finish to 2012 what reports on Wednesday. That's your morning copper Monday remember follow us on Twitter at latest insider and get more Reuters videos at Reuters dot com slash Reuters TV. I'm Lisa Bernhard. This is way.
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