Caterpillar says this is high water mark for the year–and everybody sells everything

Caterpillar says this is high water mark for the year–and everybody sells everything

Caterpillar (CAT) crystalized the market’s fears in its conference call this morning. After delivering really great results before the market opened–Caterpillar beat Wall Street earnings estimates by 72 cents a share and then raising its guidance for fiscal 2018 to earnings of $10.25 to $11.25, up from prior guidance of $8.25 to $9.25 a share–the shares moved up strongly, climbing by as much as 4.6%. And then came the conference call.