Caterpillar Crawls Lower After Chanos Slams The Stock
This afternoon, leading mining equipment stock Caterpillar Inc (NYSE:CAT) is getting slammed after famous short seller Jim Chanos says he is short the stock. Mr. Chanos sites a declining Chinese economy for the bearish call in CAT stock.
CAT stock will have some intra-day support levels around the $84.93, $83.97, and $82.90 levels. These are day trading levels for the stock. Other leading mining equipment stocks that could also fall today on this news include Joy Global, Inc. (NYSE:JOY), and Deere & Company (NYSE:DE).