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Caterpillar Range Bound Since Tax Fraud Investigation Exposed

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Caterpillar Inc. (NYSE: CAT) shares were seen trading lower by $1.36 at $94.57 in Wednesday's session. The controversy regarding tax fraud charges was reiterated in a New York Times article on Tuesday. In addition, Doug Kass of Seabreeze Partners Management has targeted the issue as is favorite large-cap short for 2017.

Since the raid of its corporate offices midday March 2 by federal agents, the issue has been in a fairly narrow trading range. Aside from the spike down to $92.84 on March 2, the issue has not revisited that low.

The top of the trading range is defined by a trio of highs at the $96.00 area from its three prior sessions. The bottom of the trading range is marked by a trio of lows in the lower $94.00 handle from March 3, 6 and right at $94.00 from Wednesday's session.

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