Investopedia: CAT's Slowdown No Long If Or When, But How Long?

The slowdown that has hit industrial companies ranging from Cummins (NYSE:CMI) to Dover (NYSE:DOV) to Honeywell (NYSE:HON) and Caterpillar (NYSE:CAT) has been long in coming and pretty well telegraphed. The economic malaise in Europe and slowdown in China has pressured demand for commodities and slowed the pace of construction - basically a one-two punch to Caterpillar's core businesses. Although the Street responded to CAT's third quarter earnings pretty calmly, I don't think today's valuation is close to washout levels and there could be further downside if the fiscal cliff bites into the U.S. economy and further slows the global economy.

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