Category: Caterpillar

Caterpillar denies that it broke tax laws

Caterpillar is denying that it broke federal tax laws a week after its headquarters and other facilities were raided by the Internal Revenue Service and other federal agencies. The exact reason for the raids remains unclear, but Caterpillar told the Securities and Exchange Commission in a filing last month that the IRS had notified the company it owed $2 billion in additional taxes because of profits from a Swiss unit.

Caterpillar Sued by a Shareholder After Federal Raid

Caterpillar Inc was sued on Friday for allegedly deceiving shareholders about its business, one day after federal law enforcers raided three of its buildings in connection with a probe into the heavy machinery manufacturer’s offshore tax practices. In a complaint filed in Chicago federal court, Jacob Newman accused Caterpillar of defrauding him and other shareholders in regulatory filings by touting its commitment to good ethics, while concealing how it “unlawfully used foreign subsidiaries” to avoid paying billions of dollars of U.S. taxes.

Caterpillar CEO Umpleby Apologizes Following Thursday’s Raids

Caterpillar CEO Jim Umpleby reiterated that Catepillar remains an ‘honorable company’ in a memo to employees following raids by federal authorities. Caterpillar CEO Jim Umpleby has apologized to the company’s employees for raids that took place on Thursday by federal authorities at the company’s Illinois facilities, including its headquarters in Peoria.

Caterpillar, a Trump Darling, Lands in Government Crosshairs

Caterpillar Inc., the bellwether U.S. equipment maker praised just last week by President Donald Trump, now finds itself a government target as federal tax and banking authorities raided its Illinois offices. The investigation comes as new Chief Executive Officer Jim Umpleby shifts its global headquarters to Chicago to bolster the machinery maker’s push into foreign markets.

Wall St Slips After Record Rally; Caterpillar Drags Dow

U.S. stocks retreated on Thursday as investors booked profits after a record run a day earlier, with Caterpillar’s slump dragging down the Dow Jones Industrial Average. The S&P 500 and the Nasdaq on Wednesday had their best day since the November election, boosted by President Donald Trump’s more measured tone in a speech to Congress and as bank stocks surged on increased chances of an interest rate hike this month.

Caterpillar Office Raid Fuels Biggest Slump in Eight Months

Caterpillar Inc. shares headed for the steepest decline in eight months as the world’s biggest maker of machinery for mining and construction had its offices raided by law enforcement officials. Searches were conducted Thursday in Peoria, East Peoria and Morton by the Internal Revenue Service, the Federal Deposit Insurance Corp. and the Commerce Department, Sharon Paul, a spokeswoman for the U.S. attorney’s office for the Central District of Illinois, said in by telephone.

Why Manitowoc Stock Jumped 14.2% in January

They were buoyed by Donald Trump’s inauguration speech on Jan. 20, in which he emphasized his “America first” ideology and restated his plans to rebuild the nation’s infrastructure. Expectations of strong numbers from Caterpillar Inc. Manitowoc shares gained momentum during the third week of January, which coincided with Trump’s swearing-in ceremony and Caterpillar’s fourth-quarter and 2016 earnings release.

Dow Analyst Moves: CAT

The latest tally of analyst opinions from the major brokerage houses shows that among the 30 stocks making up the Dow Jones Industrial Average, Caterpillar is the #27 analyst pick.