Shares of industrial and transportation companies fell after one major mining and construction-equipment maker reported a hit to demand from the coronavirus pandemic.
Caterpillar shares fell after the machinery maker said its revenue in the U.S. dropped more than 40% in the second quarter, and that demand from final customers fell around 22%. "Numbers were not good, sales were down ... however, their sales in Asia have actually turned positive with a small blip up," said Quincy Krosby, chief market strategist at Prudential Financial. "And the reason that's important ... is, in the past, any inflection point in global growth, Asia ticked up first, so it perhaps portends recovery, looking ahead."
The European Commission cleared French industrial giant Alstom's acquisition of Bombardier's train unit -- Bombardier Transportation -- under certain conditions.
A group of big buyout investors is considering a takeover bid for railroad operator Kansas City Southern that could be worth more than $21 billion and mark a big bet on U.S.-Mexico trade.
Blackstone Group's infrastructure arm and Global Infrastructure Partners are together exploring a potential deal and speaking to banks including Citigroup Inc. about financing, The Wall Street Journal reported.
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