Happy hump day!
Real Money stock of the day Caterpillar reported earnings before the bell.
Caterpillar said earnings for the three months ending in September came in at $2.66 per share, missing analyst forecast of $2.90 per share. Group revenues were also disappointing, with the company pegging them at $12.8 billion, missing analysts' estimates of $13.5 billion.
Caterpillar said it will cut its full-year profit target to between $10.90 and $11.40 per share, compared to a prior range of $12.06 to $13.06 per share, adding the new range assumes "modestly lower sales" for 2019 when compared to last year.
The CEO Shuffle
Nike rose slightly in premarket trading Wednesday to $95.61 after announcing CEO Mark Parker will step down in 2020, and board member John Donahoe will take over as president and chief executive, effective Jan. 13.
Parker will become executive chairman of the board. He has been Nike's CEO since 2006.
Parker told CNBC Tuesday that the Alberto Salazar scandal had "absolutely nothing" with him leaving the top job and that succession plans have been months in the making.
"This is not something that happens in a matter of weeks," he said.
The news followed Under Armour's announcement that Kevin Plank will step down as CEO and will be replaced in the top spot at the sports apparel company by President and Chief Operating Officer Patrik Frisk.
The moves are effective Jan. 1. Frisk, 56 years old, will report to Plank, who will become executive chairman and brand chief.
Plank founded Under Armour in 1996.
"Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour's next CEO," said Plank. "As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand's vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation."
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