Cramer Quick Take: I'm Backing Off Caterpillar
NEW YORK (TheStreet) -- Jim Cramer told Debra Borchardt at TheStreet.com Monday that he's backing away from heavy equipment maker Caterpillar(CAT) after the company's CEO gave a downbeat interview over the weekend.
Cramer said that he was shocked by CAT's comments, especially given the company's low dealer inventories, but even if the CEO was trying to temper expectations it would be foolish for investors to go against the CEO's words.
"You don't give an interview like that then blow away the numbers," Cramer concluded, which is why he wouldn't revisit Caterpillar until shares fall into the mid-$80 range.
Watch the full Cramer interview here.
--Written by Scott Rutt in Washington, D.C.
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