Caterpillar Inc uncovered "deliberate, multi-year, coordinated accounting misconduct" at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wipe out half a quarter's profits.Caterpillar, the world's largest maker of tractors and excavators, said on Friday it would take a noncash goodwill impairment charge of $580 million, or 87 cents per share, in the fourth quarter of 2012.Analysts had expected the company to earn $1.70 per share in the fourth quarter, according to Thomson Reuters I/B/E/S.Caterpillar closed the purchase of ERA Mining Machinery Ltd and its subsidiary Siwei last June, paying HK$5.06 billion, or $653.4 million at current exchange rates.
Caterpillar Inc. (Caterpillar) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Shares of CAT traded higher by 2.01% or $1.92/share to $97.62. In the past year, the shares have traded as low as $78.25 and as high as $116.95. On average, 6228390 shares of CAT exchange hands on a given day and today's volume is recorded at 8318616.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.13% or $-0.04/share to $30.12. In the past year, the shares have traded as low as $26.20 and as high as $30.66. On average, 743902 shares of TRI exchange hands on a given day and today's volume is recorded at 745255.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.4% or $0.12/share to $29.87. In the past year, the shares have traded as low as $26.47 and as high as $30.25. On average, 829784 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 461861.
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