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Is CAT out of the bag?

By Ilene
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Is CAT out of the bag?

By Paul Price

CAT face imageGlobal heavy equipment manufacturer Caterpillar reported Q1 numbers this morning. To nobody's surprise profits were down 45% year-over-year to $1.31. Disappointing approximate numbers were pre-announced last week, prior to the official earnings release. That's why the shares had fallen to near a two-year low ahead of today's news.

Management now indicates about $7 in EPS is likely for the full year 2013.

Contrarian souls won't be shocked to learn that the bad news, which was expected, has allowed for the pre-market price of CAT to be higher than last Friday's closing quote.  As of 8:25 a.m. est, CAT was trading for about $81.28 /share. CAT went ex-dividend last Thursday for 52-cents per share. 

We added to CAT early last week and now hold a full position in Market Shadows' Virtual Value Portfolio.  We also sold a CAT put in Market Shadows' Virtual Put Selling Portfolio. 

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