Caterpillar sees weak economy as it cuts outlook
MINNEAPOLIS (AP) â¿¿ Caterpillar says the world's economy is weaker than it thought, and it doesn't expect growth to pick up until the second half of next year.
The company on Monday cut its 2012 revenue and profit guidance, and took a very cautious view toward its performance in 2013.Caterpillar makes those bright yellow excavators, heavy tractors, and other construction equipment often seen on road-building projects. It's the world's largest maker of construction and mining equipment, and also makes engines. Its results are watched closely for signs of where the broader economy is headed. ___ FedEx sees online shoppers powering holiday record NEW YORK (AP) â¿¿ FedEx expects to ship a record number of packages during the holidays, thanks to shoppers' growing fondness for buying online. The world's second-largest package delivery company expects to handle 280 million shipments between Thanksgiving and Christmas, up 13 percent from the same stretch last year. The forecast, released Monday, comes against a background of lackluster growth in the global economy. FedEx has warned the economy is stalling and expects conditions to get worse next year. It's making big cuts in the businesses that have been the hardest hit, including its Express unit that moves top-priority shipments by air. ___ Yahoo's 3Q earnings, revenue top Street's forecast SAN FRANCISCO (AP) â¿¿ Yahoo ushered in Marissa Mayer as its new CEO with a third-quarter earnings report that topped analyst estimates. The results announced Monday show Yahoo's net revenue barely grew at a time when advertisers are spending more money marketing their products and services online. Nevertheless, the numbers were slightly better than analysts projected. Yahoo Inc. hired Mayer away from rival Google Inc. to orchestrate its latest turnaround attempt in mid-July, shortly after the quarter started. ___