The Caterpillar company is moving its headquarters from Peoria, Ill. to Chicago. It's a blow to Peoria, but the company says its executives need to be closer to Chicago's transportation options.(Image credit: Wilfredo Lee/AP)
American law enforcement officials searched the headquarters of heavy machine manufacturer Caterpillar and two other facilities on Thursday as part of a tax investigation linked to the firm’s Swiss subsidiary in Geneva. In a statement issued on Thursday, Caterpillar said it believed the search was part of an Internal Revenue Service (IRS) investigation related to profits earned by a Swiss parts subsidiary, Caterpillar SARL, or CSARL.
PEORIA, Ill. (AP) — Caterpillar Inc. (CAT) on Thursday reported third-quarter net income of $368 million.On a per-share basis, the Peoria, Illinois-based company said it had profit of 62 cents. Earnings, adjusted for non-recurring costs, came to 75 cents per share.The results matched Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was also for earnings of 75 cents per share.
Stocks are up nearly 2% today alone, with the S&P back to green for 2015. Among the reasons for today's rally: lower overhead courtesy of KO and CAT, which announced that between the two of them, they would fire some 2,000 workers, which is great news for stocks if not for actual employees as there will be even more dry powder for another record quarter of stock buybacks. First Coke, via the WSJ: