CAT - Down close to 10% Mid Day

CAT, along with others in the heavy machinery manufactures, were hit hard Monday as crane maker Manitowoc Co. cut its full-year guidance 50% below current Street estimates. Analyst within the industry also lowered Deere & Co. 2009 and 2010 estimates on "more cautious view of farm equipment demand globally." Crane making and farming equipment are not CAT's main lines of business and therefore I see today's events as an industry hit, not CAT specific.