Obama’s regulations are killing everything in its path. American’s credit has been downgraded due to Obamanomics and now Caterpillar is being downgraded thanks to Obama’s anti-energy regulations.
From the SunTimes:
Caterpillar Inc.’s stock was downgraded to “Neutral” from “Overweight” by JPMorgan Chase & Co. analyst Ann Duignan Monday.
Duignan, who had rated Peoria-based Caterpillar “overweight” since April 2009, cited pressures on the sector to reduce costs and the potential negative impact on the U.S. coal and energy sectors following the re-election of President Barack Obama in downgrading the stock.
Mining remains “pressured as companies continue to assess their investment plans for the longer term, and cuts are becoming more broad-based,” Duignan said in a research note. “Additionally, the energy sector as a whole is likely to be under pressure from regulators, particularly here in the U.S. These catalysts point to an extended down-cycle of investment beyond 2013, and recovery in spending into 2014 is unlikely, raising the risk of negative earnings revisions into 2014.”