$SPY a bit lower. Some earning this morning not coming as strong as people believed. And one news in particular have not found a lot of spectators.
Caterpillar $CAT uncovered "deliberate, multi-year, coordinated accounting misconduct" at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wipe out half a quarter's profits.
Caterpillar, the world's largest maker of tractors and excavators, said on Friday it would take a noncash goodwill impairment charge of $580 million, or 87 cents per share, in the fourth quarter of 2012.
I am not sure how the market will react at the open regarding this kind of news, so I am Adding up all the bad news (earnings this morning, and this $CAT fraud scandal) and trying to come up with how the market will react today.
The thing that puzzles me the most is that that everyone knows about this si...