Caterpillar stock sagged toward a one-month low Tuesday. Concern over slowing global economies drove the bellwether industrial stock downward.
Analysts at William Blair & Company cut their 2019 and 2020 estimates for Caterpillar. They cited a “plummeting” North American construction-equipment market as well as the ongoing trade war.
In other Chicago business news:
There’s been a big deal in the growing organic foods sector. Hometown Foods, the Chicago-based company that owns the well-known Pillsbury brand, is expanding into the health-conscious food market with the acquisition of the organic baking brands Arrowhead Mills and SunSpire.
Hometown on Tuesday said it’s bought the brands for $15 million from New-York based Hain Celestial Group.
Meanwhile, a major merger in the cannabis sector went up in smoke Tuesday. Crain’s reports that the all-stock merger of Chicago-based cannabis products developer PharmaCann and MedMen of Los Angeles is off. The deal was first announced in December, and it set off a flurry of similar mergers in the sector over the past year.
PharmaCann is now left to pursue other ways to grow the business, which includes licenses for up to 26 retail locations and five cultivation facilities across six states.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”