On July 31, Caterpillar rose 3.07% in pre-market trading, trading at $834.0/share, with turnover of $4.4841 million.

On the news front, Oppenheimer issued a research note on July 30 stating that following the recent stock pullback driven by market rotation and AI-related trading unwinds, Caterpillar's risk-reward profile has shifted favorably. The firm noted that fundamental momentum in the Construction and Resource Industries segments is being understated in consensus estimates.

The stock had previously declined over 21% from its highs after Baird downgraded its rating to Neutral with a target price cut from $1,200 to $900, while investor Michael Burry maintained and increased his short position initiated at $1,060.98 in early July, citing a price-to-sales ratio at a three-decade high. Oppenheimer's bullish stance provides support for a near-term rebound ahead of the company's Q2 earnings report scheduled for August 4, with consensus expectations of $193.35 billion in revenue and adjusted EPS of $6.25.

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