I'm sure they were surprised by the raid. But if you follow CAT you would know that this business about selling replacement parts through a Swiss subsidiary has been on the Fed's radar for quite some time. The govt. has never been able to find anything they could make stick - so far.
News like this doesn't change CAT's intrinsic value. It's an opportunity to sell some implied volatility. It's been tough going the last few months with such a complacent market. It's like Wells Fargo last fall... An opportunity.
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