Caterpillar's stock falls which is great for would-be buyers

Well they can't all be Google (NASDAQ:GOOG) can they? Caterpillar Inc. (NYSE:CAT) reduced its earnings forecast and posted its biggest decline since this summer, turns out the U.S. housing recession is kicking them in the shorts.

The Street responded by selling shares and moving CAT down 3.4% today with shares now in the $74 range. But it's not all bad fellow Masters and if anything, it's a chance to get in while the stock takes a beating.

Caterpillar Inc. (NYSE:CAT) announced Q3 revenue this morning of $11.44 billion, up 9% from the same period last year. Profit for the Big CAT was reported at $927 million, or $1.40 per share, up from $769 million, or $1.14 per share in Q3 2006.  Not bad taking into consideration nobody is buying or building new homes.

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``When you have earnings expectations that are negative going into the third-quarter reporting season and you start to get some disappointments on top of that after five years of double-digit earnings growth, this market's going to struggle,'' said David Joy, who helps manage $160 billion as chief market strategist at RiverSource Investments LLC in Minneapolis.

The 3-Year chart on CAT is a work of art, just a nice steady ride along with the S&P and pushing its share price up on a steady basis.

Wall Street is freaking out today and CAT is helping to the selling and panic frenzy.  Don't believe the hype, CAT's a winner.  I'm looking forward to the stock dropping even further then I'll be buying shares.

The fact of the matter is Caterpillar Inc. (CAT) third-quarter profit rose 21%, that's damn good. The Masters like the world wide domination efforts, forget what's going on back home. 

"We continue to see remarkable growth outside of the United States with particular strength in key industries like mining, oil and gas, electric power and marine engines," Caterpillar Chairman and Chief Executive Jim Owens said in a press release.

The company projects that machinery and engine sales outside North America will be up about 25% in 2007 from last year, while sales will decline 12% in North America. Indicative of the growing importance of Caterpillar's global footprint, the North American business is expected to account for about 40% of overall sales in 2007, down from just under 50% last year.

Long-term investors, look to CAT, or you could pay $600+ for one share of Google.  I like the odds at $74 a share, you get a buy a few more than one share for 600 bones.