Caterpillar Continues Cost Cutting Efforts
Caterpillar Inc. (NYSE:CAT) is 0.2% in the green despite the broader market weakness after the company announced that it will lay off 820 employees and close five plants. The layoffs are part of Caterpillar’s overall plan to cut its workforce by as many as 10,000 positions and to consolidate or close around 20 facilities by 2019. Caterpillar has cut 5,300 positions so far. The company has had to make the layoffs because demand for Caterpillar’s machinery has dropped substantially due to the sluggish commodity prices. Of the 786 active funds that we track, 31 funds owned $997.53 million worth of Caterpillar Inc. (NYSE:CAT) shares on December 31, which accounted for 2.50% of the stock’s float.
Quest’s Zika Virus Test Receives Emergency Use Authorization
Quest Diagnostics Inc (NYSE:DGX) is trending after the FDA granted emergency use authorization for the company’s Zika virus test. Quest’s test would be the first from a commercial lab company to achieve such authorization. Quest plans to make the Zika test available to doctors next week. Given Quest Diagnostics Inc (NYSE:DGX)’s large size, it is unclear whether the emergency use authorization will mean much in the long run. Shares of Quest are down by 0.88% in morning trading. Cliff Asness’ AQR Capital Management more than tripled its position in the stock to 1.56 million shares during the fourth quarter.
Anheuser Busch Inbev Tries Harder to Win EU Approval
Anheuser Busch Inbev SA (ADR) (NYSE:BUD) is in the news after the company offered to sell more assets in order to win the European Union’s approval for the proposed merger between it and SABMiller. Anheuser-Busch is now willing to divest SABMiller’s Eastern European brewing assets as part of the company’s concessions to ensure that consumers are not hurt by the deal. Anheuser Busch Inbev SA (ADR) (NYSE:BUD) was in 36 hedge funds’ portfolios at the end of December among those in our database, down by 13 from the end of September. Shares of Anheuser Busch are down by 0.81% today.