The Traderszone Network

Published in TZ Latest News 24 September, 2015 by The TZ Newswire Staff

Caterpillar slashes revenue forecast, cutting up to 10,000 jobs

Shares of Caterpillar tumbled as much as 8 percent to a five-year low, pulling down the sector and knocking as much as 37 points off the Dow Jones industrial average (.DJI). Peoria, Illinois-based Caterpillar, the world’s biggest construction and mining equipment maker, has also been hit by a slowdown in industrial activity in China. “The company has shown a lack of revenue growth in the last few years (and) earnings are in a decline,” he said.