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.
Beijing (AFP) - The chairman of investment banking giant Goldman Sachs has slammed China's handling of its economy, adding he would not currently invest in the country, the Wall Street Journal reported Thursday.
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:
BEIJING (AP) — China's No. 2 leader tried Wednesday to mollify foreign concerns about its economic slowdown, saying growth is in the "proper range" and Beijing has no plans to allow its currency to decline further.Speaking at a meeting of the World Economic Forum in the eastern city of Dalian, Premier Li Keqiang said Beijing will stick to plans for market-opening reforms despite recent "fluctuations" in economic performance.