First came the whiskers, followed by a furry little face that didn't look very threatening. But now, investors are being whipped by a destructive tail.
Yes, Fools, the cat is now fully out of the bag. Global industry simply fell off a cliff sometime last fall, and the more plant closures and layoffs we see, the more this once-bagged cat resembles a rabid, ferocious lion. After Terex
Back in September 2008, before the feline had extended its claws, Terex reduced 2008 earnings guidance to less than $6.65 per share and watched investors crush the stock. This week, Terex reduced guidance yet again, this time to a range of $5.40 to $5.45 per share, but the shares traded resiliently in the aftermath. The difference, I believe, is all about sentiment, which suggests that markets have already priced in a barrage of earnings disappointments. With a final growl, Terex even warned of a potential $600 million impairment charge relating to tumbling asset valuations, and still, shares refused to head lower.
Elsewhere in the sector, investors are licking their wounds after Caterpillar
As we await earnings from both Bucyrus