Mark Elwa
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Mark Elwa in Gainers & Losers,

Caterpillar's profit miss, lowered outlook

The maker of construction and mining equipment Caterpillar missed first-quarter profit and sales expectations, and lowered its full-year outlook. Earnings fell to $271 million, or 46 cents a share, from $1.25 billion, or $2.03 a share, in the same period a year ago.

Excluding one-time restructuring costs, adjusted earnings per share came to 67 cents, missing the FactSet consensus of 68 cents. 

Revenue fell to $9.46 billion from $12.70 billion, just shy of the FactSet consensus of $9.50 billion, amid "substantial" declines in its construction, oil and gas, mining and rail businesses. 

For 2016, the company cuts its adjusted EPS outlook to $3.70 from $4.00 and its revenue outlook to $40 billion to $42 billion from $40 billion to $44 billion.

Stocks still looks strong. The most important support level located near $73.72