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CAT · Analysis updated Nov 5, 2026, 9:52 AM ET
Why is Caterpillar (CAT) stock moving?
Caterpillar's post-earnings slide has deepened. The Oct 29 report showed adjusted EPS of $7.20 and a record $78.1B backlog, but revenue of $20.68B narrowly missed and the full-year outlook was unchanged. The stock fell about 9% that day and has kept falling, from about $713 on Oct 28 to a close of $591.30 on Nov 4. Nov 4 was a 5.2% drop, on volume of 200.7K in the data provided, the second-highest in the window, and shares traded near $580 on Nov 5. Reported drivers include capacity limits, about $2.2B in annual tariff costs, dealer inventory reductions, and scrutiny of a roughly 50% valuation premium to peers. Several analysts cut price targets while mostly keeping their ratings, and the shares trade about 44% below the $1,073 high. Sentiment is also hurt by the stock's link to AI and data center spending. Supportive points are the backlog, a director's roughly $620K purchase, buybacks and dividends, and oversold readings that could invite a bounce. The trend is clearly negative, though, and the stock keeps setting new lows. A small after-hours gain on Nov 4 was erased by the Nov 5 weakness.
News behind the analysis
- Caterpillar Stocks Decline 4.45% as $78.1 Billion Backlog Meets Capacity ConstraintsBacklog hit $78.1B, up $6B from the prior quarter, and management kept its mid-to-high teens sales growth forecast. Capacity limits and about $2.2B in annual tariff costs are holding back deliveries.
- Caterpillar Inc Stock (CAT) Moved Down by 5.04% on Nov 4: A Full AnalysisShares fell as investors kept digesting Q3 results and the outlook. Analysts cited a roughly 50% valuation premium to industrial peers, and the MACD gave a sell signal.
- Why is Caterpillar stock sliding today?Shares fell 3.9% in morning trading to $599.59, about 44% below the 52-week high of $1,073.46. A director bought 1,000 shares near $620 on Nov 2.
- Caterpillar (NYSE:CAT) Stock Falls 5.2% - Here's WhyMid-day volume of about 5.7M shares was roughly 99% above the average session. DA Davidson cut its price target to $685 from $882 and kept a neutral rating.
- Caterpillar Inc. (CAT) Stock Price, News, Quote & HistoryCAT closed at $591.30 on Nov 4, down 5.23%. Capacity limits, dealer inventory cuts, tariffs and weaker bookings are slowing the conversion of orders into sales.
- Caterpillar Stock Price and ChartCAT shares fell 4.45% to $596.20 in premarket trading on Nov 4. They are down 19% over one week and about 30% over one month.
- Caterpillar: CAT Stock Price Quote & NewsCAT traded near $580 on Nov 5, within a range of $579.01 to $586.71. Coverage focuses on the Q3 earnings call and the record backlog.
- Caterpillar shares weekly forecast: Oversold signals build rebound potential as RSI and CCI drop sharplyShares stabilized near $624 for the week but remain below key moving averages. The report notes the Fabick Cat dealership acquisition has closed and that buybacks and dividends continue.
- Caterpillar (CAT) Stock Price, Chart & NewsMorgan Stanley cut its target to $675 from $915 and RBC cut its target to $722 from $897. Citi cut to $800 from $950 and kept a Buy, and Baird cut to $729 from $970.
- Caterpillar Stock Price HistoryCAT closed at $591.11 on Nov 4, down 5.26%, on volume of about 5.7M shares. It was up 0.47% after hours.
In the Daily Standout
- October 29, 2026: on the shortlist −7.73%