Strong first quarter earnings from Caterpillar Inc. (CAT) have helped pushed the market higher to start off the week.
Shares of Caterpillar are up 4.5% on the day to $71.91, up $3.13 following better than expected results this morning before the market opened.
Analysts were forecasting $0.39 per share, and the company easily outpaced those estimates with a reported $0.50 per share.
Revenues were a bit shy of analyst estimates, but the stock is surging after it raised its forecast for full year 2010 to $2.50 to $3.25 a share, up from its previous forecast of $2.50 per share.
S&P boosted its price target on the stock to $80 a share, and maintained its Buy rating on the company.
The company noted that the global economy is definitely improving, and as a result construction has been rebounding. This helped pushed the overall market higher today, with the DOW up over 25 points in afternoon trading.
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Another good earnings report. Strong numbers from a lot of companies so far this quarter, do you agree with idea that bullish market will continue throughout the year?
J