Caterpillar News: Stock Bounces, Broun Takes Credit for Athens-Oconee Deal
As citizens await the Athens-Oconee Caterpillar plant, incumbent Rep. Paul Broun uses the economic development deal as a campaign talking point.
Caterpillar, which announced in February it will build a major manufacturing plant on the Athens-Oconee line, has seen a bump in stock value in the past couple of days as the overall market has risen. The increase stopped a slide that has been blamed for a chunk of the Dow Jones' recent downturn. Caterpillar's stock increase was attributed partly to China, which lowered its benchmark lending rate in an effort to bolster its economy, helping boost the Dow Jones by more than 300 points over two days. Caterpillar's stock increase also reflects the company's recent decision to buy ERA Mining Machinery Limited. ERA designs and sells coal mining equipment throughout China. Caterpillar executives have said that the U.S. coal-mining industry is …
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Xardox
9:19 pm on Friday, June 8, 2012
It is common that the buying company's stock falls due to expense and the bought company's stock rises due to profit. That CAT has rebounded so well points to its strength. Partial credit appropriately belongs to Dr. Broun as well as to many others who cheerleaded the process, who have all been seen patting themselves on the back. more ›