Caterpillar stock jumps to lead the Dow’s gainers after IRS settlement included no penalties

0
11

Shares of Caterpillar Inc. CAT, +3.46% climbed 3.3% in morning trading Friday, enough to pace the Dow Jones Industrial Average’s DJIA, +1.19% gainers, after the construction and mining equipment maker said the settlement reached wit the U.S. Internal Revenue Service included no penalty payments. The stock’s price gain of $5.97 was adding about 39 points to the Dow’s price, while the Dow rallied 200 points, or 0.6%. In a filing late Thursday, Caterpillar said the IRS settlement resolved all issues for tax years 2007 through 2016, “without any penalties.” The settlement includes the resolution of disputed tax treatment of profits earned by Caterpillar SARL from certain parts transactions. Financial terms of the settlement were not disclosed. “The settlement is within the total amount of gross unrecognized tax benefits for uncertain tax positions and enables us to avoid the costs and burdens of further disputes with the IRS,” the company stated in the filing. Caterpillar’s stock has dropped 15.5% over the past three months while the Dow has slipped 0.9%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleHelp My Career: Thinking about quiet quitting? You’re not alone. Quiet quitters make up half of the U.S. workforce, poll shows.
Next articleBank of England cites queen’s death in postponing rate decision by a week

LEAVE A REPLY

Please enter your comment!
Please enter your name here