Caterpillar, Inc. (CAT) is a company that is engaged in the production of construction as well as mining equipment. The company also manufactures and distributes diesel and natural gas engines, diesel electric locomotives, and industrial gas turbines.
Recently, the stocks of the company hit the highest CAT stock price value in the last 52 weeks, i.e. $102.76. The raise was a direct result of the report that the U.S private jobs have risen and that China’s mini stimulus will revolutionize its economy. The stock price closed at $102.63 after the intraday trading of April 2 ended. The Caterpillar stock price therefore rose to this level by gaining almost 3% in a single day.
Recently, the company has also emerged as a stronger party amid the current Senate investigation alleging that the company has evaded overseas taxes. The company is further blamed that it has dodged more than $2.4 billion of taxes by flowing the profits to a Swiss subsidiary, which the company claims to own. The CAT officials have further defended their case by stating that they have a real business running through the Swiss subsidiary, and that is not just a tax evasion as reported to the Senate. This investigation has however nothing to do with the stock profile of the company, but if proved correct, it would then have serious repercussions for CAT.