Caterpillar Stock Is Sliding Wednesday: What's Going On?

Caterpillar Inc CAT shares are trading lower Wednesday alongside shares of Deere & Co DE, which fell after the company reported fourth-quarter financial results. 

What Happened With Deere: Deere shares traded down about 5% after the company reported earnings. Deere said revenue fell 1% year-over-year to $15.41 billion, which beat the consensus estimate of $13.69 billion. The company reported earnings of $8.26 per share, which beat estimates of $7.44 per share. 

Although the company beat analyst estimates on both the top and bottom line, shares appear to be facing selling pressure because of soft guidance. Deere said it sees significant sales declines of about 10% across its businesses in 2024 as volumes return to "mid-cycle" levels.

"While our end markets will fluctuate, we remain focused on disciplined execution and strategically investing in solutions that drive customer value," said John May, chairman and CEO of Deere.

See Also: What's Going On With Nordstrom Stock Today?

CAT Price Action: Caterpillar shares were down 2.67% at $242.76 at the time of publication, according to Benzinga Pro.

Photo: Ronald Plett from Pixabay.