Caterpillar

Federal Agents Raid Caterpillar Offices In Central Illinois

... of Business. One potential consequence that could be huge, Cooke noted: The company could be stripped of its ability to bid for federal contracts. If that happened, it would come just as President Donald Trump’s $1 trillion plan to shore up the nation’s roads, bridges and airports — and create jobs — is being put forward. Caterpillar would normally be a major player in a national infrastructure plan. The company’s chairman and former CEO, Doug Oberhelman, was among two dozen manufacturing CEOs who met with Trump at the White House last week, committing to restoring factory jobs lost to foreign competition. In January, Caterpillar announced it plans to move its global headquarters and about 300 top jobs to the Chicago area after decades in Peoria. Caterpillar also scrapped plans to build a new headquarters in downtown Peoria, which is located about 175 miles southwest of ...

Caterpillar Offices Raided In Probe Related To Swiss Unit

... 15 percent of the profits were taxed in the U. S. The rest was taxed at the special rate in Switzerland, the report said. Last month, Caterpillar said in a filing with the SEC that it was "vigorously contesting" a notice from the IRS that it owed $2 billion more in U. S. taxes for the years 2010 to 2012 from profits earned by the Swiss unit CSARL. "We believe that the relevant transactions complied with applicable tax laws and did not violate judicial doctrines," Caterpillar said. Shares of Caterpillar, which have risen 35 percent over the past year, went into steep decline just before noon as word of the raid on company headquarters and other facilities began to spread, falling almost 5 percent before recovering slightly to close at $94.36. The case could have a substantial impact on Caterpillar, especially if the government were to secure a criminal conviction. "There are collateral consequences that can be as significant, if not more significant, than the fines themselves" that companies must pay in such cases, said Thomas Cooke, professor at Georgetown University 's Mc ...

U.s. Stocks On The Move-caterpillar, Snap, Aci Worldwide, Greif

... profits after a record run a day earlier, with Caterpillar's slump dragging down the Dow Jones Industrial Average. The Dow Jones Industrial Average was down 0.28 percent at 21,056.53, the S&P 500 was down 0.43 percent at 2,385.66 and the Nasdaq Composite was down 0.54 percent at 5,872.288. * CATERPILLAR INC, $93.74, -4.91 pct. Federal law enforcement officials searched facilities of the heavy machinery manufacturer in Peoria, Illinois, on Thursday. * SNAP INC, $25.43, +49.59 pct. The owner of the Snapchat messaging app raised $3.4 billion in its initial public offering on Wednesday night, more than the $3 billion Facebook offered to pay for the company in 2013, and saw its market capitalization bubble up to as much as $29.1 billion. * ABERCROMBIE & FITCH CO, $13.54, +15.83 pct. The U. S. teen apparel retailer said quarterly comparable sales of Hollister, its largest brand, increased for the first time in a year. * AURINIA PHARMACEUTICALS INC, $5.06, +36.39 pct. The Canadian drug developer said on Wednesday its drug to treat kidney inflammation met the 48-week study goals of partial and complete remission in its mid-stage ...

When It Raids On Caterpillar's Parade

... “sometime after March 2.”. It’s hard to tell what Cat’s culpability might be in this mess. It’s said the raid could be related to earlier accusations that the company essentially played a shell game with offshore companies to avoid paying more than $2 billion in U. S. taxes. That’s “billion” with a “b,” which is a lot of greenbacks — your greenbacks, as a federal taxpayer and citizen. The company didn’t say much about the raid, other than issuing a short statement: “Caterpillar is cooperating.” Actually, when the feds come knocking, you don’t have a choice. But maybe the statement was meant to assure the public that the front office wasn’t on its collective back, kicking and screaming. Or shredding. Weird stuff, eh? Hard to tell why it happened when it did. Maybe Donald Trump jinxed the company. Just last week, the president gushed, “I love Caterpillar!” Then again, Trump is an enthusiast for not always paying taxes, so maybe there’s common ground there. When all the ...

Caterpillar Offices Raided In Probe Related To Swiss Unit

... the company said may be related to business with its Swiss subsidiary CSARL. Officials from three federal agencies, some wearing jackets that said "police, federal agent", searched the Peoria, Illinois, headquarters of Caterpillar, one of the world's largest makers of construction and other heavy equipment. Facilities in East Peoria and Morton, Illinois, also were raided under a federal warrant, U. S. Attorney's office spokeswoman Sharon Paul said. "We believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter," Caterpillar said in a statement later on Thursday, referring to its Swiss subsidiary. Caterpillar spokeswoman Corrie Heck Scott said in an email that the company was cooperating with law enforcement. Paul said the agencies involved included the Internal Revenue ...

Federal Search Of Caterpillar Facilities May Relate To Tax Evasion Allegations

... indicate that while evidence pertaining to dealings of Caterpillar subsidiary CSARL in Switzerland was the focus of the search, agents were authorized to collect documents about Caterpillar's sales outside the U. S. and shipments to any other foreign country. Some Caterpillar employees were interviewed by authorities, according to Peoria Public Radio. Caterpillar said it is cooperating with authorities. Sharon Paul of the U. S. Attorney's Office would say only that multiple agencies — including the Internal Revenue Service's Criminal Investigation Division and the Commerce Department's Office of Export Enforcement — were at Caterpillar facilities in Peoria, East Peoria and Morton, Ill. The tax allegations were explored in the Peoria Journal Star which reported on a 2009 federal wrongful termination lawsuit brought by Daniel Schlicksup. The newspaper notes that. "The lawsuit alleged the company shifted profits overseas and to offshore shell companies to avoid paying more than $2 billion in U. S. taxes. Schlicksup settled the suit in 2012. "Caterpillar, in its annual 10-K filing with the U. S. Securities and Exchange Commission last month, acknowledged a criminal ...

Peoria Candidates' Topics Include Caterpillar, Water, Riverfront Park

... on the ballot in the April 4 election. Amr Elsamny and Rob Hanauer finished within a handful of votes of one another and await the outcome of a final vote count. Sid Ruckriegel, the incumbent at-large council representative on the ballot, was in Omaha, Neb., and unable to attend the meeting held down the street from his home. Frank Abdnour and Dan Sullivan, the Democratic and Republican candidates for township supervisor, led off the meeting by citing their qualifications for the office. Abdnour said his 30 years as owner of the Spotted Cow, employing some 500 people in that time, qualified him to run the township office. Sullivan pointed to his present experience at the city clerk's office in Peoria and previous experience with the Peoria County Sheriff's Office. Sulllivan added that, if elected, he would cut the township staff from five to four. Hanauer suggested that the ambulance service be brought under the fire department and become an income generator. Hanger also supported getting Peoria's schools air conditioned. On the matter of buying the water company, Elsamny and Kelly are for it, with Kelly saying, "I don't want City Hall to run it as a cash cow." Oyler said ...

Dow Retreats From Records Again After Surprise Selloff In Caterpillar Shares

... March 15 the odds on favorite for the first rate hike of 2017," said Bill Stone, PNC chief investment strategist. "We'll be listening closely to Chair Yellen's comments on Friday as she has the last word before the blackout period. In addition, a strong February jobs report next Friday would likely seal the deal.". Jobless claims fell sharply in the past week, holding at their lowest level in more than three decades. The number of new claims for unemployment benefits in the U. S. fell by 19,000 to 223,000. The less-volatile, four-week average slid 6,250 to 234,250. Barnes & Noble ( BKS ) fell 8% on Thursday as net income dropped and same-store sales came under pressure. The bookstore retailer earned 96 cents a share over its third quarter, down from $1.04 a share in the year-ago quarter. Analysts had anticipated earnings of $1.13 a share. Same-store sales tumbled 8.3%, partly tied to less store traffic. Anheuser-Busch In Bev ( BUD )  slumped nearly 4% after posting  weaker-than-expected fourth-quarter ...

Caterpillar Slumps As Feds Swarm Offices, Drags Dow Off All-time Highs

... increase had become a "lot more compelling" recently. A turn toward a more hawkish Fed in recent months has boosted Wall Street's confidence in the economy. Fed minutes from the January-February meeting said another rate hike would come "fairly soon." The Fed next meets on March 14-15. "The combination of better economic data, comments from Fed officials and Trump's policy plans have now made March 15 the odds on favorite for the first rate hike of 2017," said Bill Stone, PNC chief investment strategist. "We'll be listening closely to Chair Yellen's comments on Friday as she has the last word before the blackout period. In addition, a strong February jobs report next Friday would likely seal the deal.". Jobless claims fell sharply in the past week, holding at their lowest level in more than three decades. The number of new claims for unemployment benefits in the U. S. fell by 19,000 to 223,000. The less-volatile, four-week average slid 6,250 to 234,250. Jim Cramer sat down with four market experts to talk about how to play the Trump tax ...

Wall Street Retreats After Surge; Caterpillar, Financials Fall

... IXIC dropped 42.81 points, or 0.73 percent, to 5,861.22. The S&P 500 is up 11.3 percent since the Nov. 8 election. Several Fed officials this week have stoked expectations of an interest rate hike this month as the economy strengthens. Fed Chair Janet Yellen is set to speak on Friday and could provide the strongest indication about a move in coming weeks. The Fed's next policy-setting meeting is set for March 14-15. Traders have priced in about a 74-percent chance of a rate hike this month, up from roughly 30 percent at the start of the week, according to Thomson Reuters data. Kroger (KR. N) fell 4.3 percent after reporting a surprise decline in fourth-quarter same-store sales as competition intensified in the U. S. grocery industry. Declining issues outnumbered advancing ones on the ...