Jim Cramer Says “Caterpillar’s Become One of the Best Performers in the Entire Market”

Caterpillar Inc. (NYSE:CAT) is one of the stocks Jim Cramer had in this week’s game plan. Cramer has some positive things to say about the company, as he commented:

“Caterpillar’s become one of the best performers in the entire market, and I think that move is justified given how so much of their equipment is used to make and maintain data centers. The company holds an analyst meeting Tuesday. I want to know if this move is multi-year in nature. I have to tell you, spoiler alert, I think it is.”

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Caterpillar Inc. (NYSE:CAT) sells construction, mining, and energy equipment, including engines, turbines, and locomotives. Cramer discussed the stock during the October 29 episode and said:

“Today, Caterpillar reported. The stock shot up more than 11%. Why? You know why? Because previous CEO Jim Umpleby decided that he was going to make that company perennially cyclical, incredibly boom and bust into a secular growth story by emphasizing turbines and power equipment. And what were the star divisions? Turbines and power equipment. And that’s how you get a stock higher. The division that provides power, amazing, the one that he presided over. Sure, you need CAT construction equipment to build a ton of things, but you especially need power for the data center. Umpleby saw it coming. That man’s a visionary.”

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Disclosure: None. This article is originally published at Insider Monkey.