NEW YORK (TheStreet) -- Stock futures were paring gains Monday after heavy construction-equipment maker Caterpillar reduced its full-year outlook and warned of ongoing economic weakness, and other companies including mining giant Freeport McMoRan Copper & Gold posted mixed earnings.
Futures for the Dow Jones Industrial Average were up 18 points, or 10.51 points below fair value, at 13,270. Futures for the S&P 500 were up 2.20 points, or 1.93 points below fair value, at 1426. Futures for the Nasdaq were up 9.25 points, or 1.33 points above fair value, at 2673.
Caterpillar cut its full-year outlook to sales of about $66 billion and profit in a range of $9 to $9.25 a share, from the prior outlook for sales in the range of $68 billion to $70 billion and profit of about $9.60 a share. Doug Oberhelman, Caterpillar CEO, said in a statement that "we've seen continued economic weakening and uncertainty. It's definitely impacting our business with dealers intending to lower inventories and mining customers delaying some projects and reducing orders." ...
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