According to CoinMeta, on Thursday, Caterpillar ( CAT.US ) opened lower by over 10%, and as of press time, the decline had narrowed to 8%. The stock price has fallen 40% from its record high in June. The company's third-quarter 2026 earnings, released before the U.S. market opened, showed that driven by sales growth and price increases, sales and revenue for the quarter were $20.68 billion, a year-on-year increase of 17%. Adjusted earnings per share were $7.20, higher than the market's expectation of around $7.03, and compared to $4.95 in the same period last year. Earnings per share for the quarter were $7.13. Operating profit was $4.21 billion, a year-on-year increase of 38%, with an operating margin of 20.4% and an adjusted operating margin of 20.6%, up 3.1 percentage points from the same period last year. The operating profit for the quarter included a $128 million tariff rebate. However, the company's forecast for fourth-quarter sales growth to be only "moderate" disappointed investors, despite the fact that its largest division directly provides power equipment for AI data centers.