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Housing Re-Bubble Set to Re-Pop?

April 22nd, 2013 - 7:59 am

It’s a swing and a miss for Caterpillar, the construction giant; TD has the details:

•Q1 EPS $1.31, Exp $1.38; this includes a tax benefit of $87 million

•Q1 revenue: $13.2 billion, Exp. $13.8 billion

•Guides much lower, with revenue now seen at $57-61 billion, compared to $60-68 billion previously

•CAT forecasts profit per share of $7.00, compared to $7.00-9.00 previously.

•Operating cash flow of $900MM, but all of it generated from net working capital, i.e., inventory liquidation

•And when you can’t spend on capex, you spend on buybacks: CAT to extend buyback through 2015

Ben Bernanke might have to turn up the presses from Plaid all the way to Ludicrous Speed.

UPDATE: “Sales of previously owned U.S. homes unexpectedly dropped in March, showing uneven progress in the industry.”

Keep blowing into that torn balloon, Uncle Ben.

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One more "unexpectedly" twig for the Intentionally Obtuse bonfire.
1 year ago
1 year ago Link To Comment

I got my Fox Butterfield fix over my first cup of coffee today:

"Existing Home Sales Edge Down, Prices Rise"
"Home resales edged downward in March, even though the housing market recovery that has helped boost the economy has shown strength in recent months and is expected to continue."
1 year ago
1 year ago Link To Comment
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