(Bloomberg) -- Caterpillar management said at the Wells Fargo Industrials Conference that the "high water mark" comment from the first-quarter earnings call wasn't meant to suggest that markets are peaking. Shares rose as much as 1.3 percent in pre-market trading.
"All we meant was that we had an exceptionally strong first quarter," Caterpillar's management added.
Shares of Caterpillar sank 6.2 percent on April 24 after the "high water mark" comment suggested to some market participants that the company saw a peak in the cycle.
To contact the reporters on this story: Arie Shapira in New York at ashapira3@bloomberg.net, Joe Deaux in New York at jdeaux@bloomberg.net.
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Courtney Dentch
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