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 wiping out more than half its expected earnings for the fourth quarter of 2012.Shares of Caterpillar fell 1.5 percent in afterhours trading following news of the fraud, which was discovered after problems were found with the Chinese company's inventory.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 quarter.Analysts had expected the company to report $1.70 per share when it reports its results on Jan. 28, according to Thomson Reuters I/B/E/S.
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 8326446.
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.
Source
