Caterpillar Inches Lower as Demand for Mining Machinery Stalls

Shares of Caterpillar fell on Friday making it TheStreet's Move of the Day. The manufacturer of construction equipment said global machinery sales plunged 10% over the three months to August. Machinery demand was markedly weak in Latin America where sales tanked 29% year-over-year. Softness in the region was partially offset by sales in North America which climbed 8%. In its mining equipment division, sales plummeted 33% globally. Demand has suffered, a product of mining companies relying upon pre-existing mines in lieu of expanding or opening new sites. Caterpillar was Friday's worst performing-stock on the Dow Jones Industrial Average.