Caterpillar Tumbles as Outlook Falls Short of Expectations
- Equipment maker falls more than 10 percent after earnings
- Analysts had expected a boost in the 2018 profit outlook
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Caterpillar Inc. tumbled after disappointing analysts who expected a boost in its 2018 outlook.
Shares fell more than 10 percent Tuesday as the mining and construction equipment maker repeated its warning about rising costs due to higher steel prices and U.S. tariffs. The company, which got pummeled in April after warning first-quarter results may be "the high watermark for the year," was again punished by investors concerned about its future.