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Caterpillar (CAT) Stock Falls on Weak Joy Global Earnings

NEW YORK (TheStreet) -- Caterpillar (CAT - Get Report) shares are down 2.4% to $74.27 in afternoon trading on Thursday after rival mining equipment maker Joy Global (JOY) reported weak third quarter earnings today.

Joy Global reported third quarter earnings of 54 cents per share on revenue that declined 10% to $792 million.

Analysts on average were expecting the company to report earnings of 61 cents on revenue of $798.73 million.

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"Our financial results for the third quarter reflect an end market environment that is one of the most challenging seen in decades," said CEO Ted Doheny. "The further step down in commodity prices resulted in projects getting delayed and a lock down on cash from our customers which impacted our service business. We are accelerating our facility optimization plans and taking...