BUZZ-Finning International Inc: Biggest Caterpillar dealer cuts 1,100 more jobs

Thu Nov 12, 2015 11:36am EST
 
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** Shares of the world's biggest dealer of Caterpillar equipment down 6 pct at C$18.80, after dropping to more than 5-year low of C$17.33

** Announces 1,100 job cuts across Canada, South America, the UK and Ireland and closure of 11 Canadian locations to reduce costs amid weak sales

** Caterpillar Inc shares down 2.5 pct at $70.13

** Finning reports lower-than-expected quarterly revenue and profit as its customers in the mining, energy and construction industries cut spending

** 4 of 11 brokerages rate Finning's stock "buy" or higher, 6 "hold" and 1 "strong sell"; Median PT C$24

** Up to Wednesday's close, stock had fallen 21 pct this year