4 Reasons Caterpillar Stock Shot Up 18.1% to an All-Time High in February
Shares of Caterpillar (NYSE: CAT) soared 18.1% in the month of February, according to data provided by S&P Global Market Intelligence. If January offered investors a glimpse of what's happening within the company, February was all about positive macro developments that set the blue chip stock on fire.
Caterpillar bulls got their first kickoff on Jan. 29 when the company topped estimates on its fourth-quarter revenue and earnings, and management sounded optimistic about 2021 given a better-than-expected recovery in most end markets, particularly construction.
Come February, encouraging signs started to show up for Caterpillar from all sides. To start, commodity prices showed no signs of slowing down. Copper prices, for example, hit highs not seen in ten years in February, spurring hopes of higher spending from mining companies and more sales for Caterpillar's resource industries segment.
Source Fool.com
