Einhorn comments ding Caterpillar, boost GM shares

Shares of Caterpillar Inc. declined and General Motors Co. rose in the extended session Wednesday after David Einhorn of Greenlight Capital commented on the stocks at the Ira Sohn hedge fund conference. Caterpillar shares fell 1.1% to $73.40 after hours as Einhorn said he doesn’t see the stock ready for a rebound anytime soon because of weaknesses in coal and iron mining. On the other hand, shares of GM rose 1.5% to $31.05 after hours. Einhorn said GM isn’t likely to be hurt by ride-sharing services because of consumers who live outside of urban areas. Plus, GM stands to benefit from an upswing in Europe’s car market and the company’s share buyback program.

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