CAT stock is going down due to a downgrade by UBS AG, reports the Chicago Tribune:

Caterpillar stock retreated $2.46, or 3.1 percent, to $77.99, on the New York Stock Exchange, its largest drop since Feb. 27…. [New York-based analyst David A.] Bleustein reduced his rating on the stock to “reduce” from “neutral” and the price he expects the shares to reach to $70 from $78.

You can read more about it in Forbes and Barron’s.