Industrial firms slide after US midterm results amplify data center demand worries
BUZZ-Industrial firms slide after US midterm results amplify data center demand worries ** Shares of industrial firms Caterpillar CAT.N, Cummins CMI.N and Johnson Controls JCI.N drop
** CAT, CMI, JCI track slide in AI-data center stocks as investors brace for tighter scrutiny after Democratic US midterm sweep
** CAT and CMI have benefited from strong power generation and backup power equipment demand from data centers; JCI a key supplier for data center cooling solutions
** CAT down 5%, CMI down 4.7%, JCI down 7.3%
** All three stocks rated "buy" on average - data compiled by LSEG
** CAT has fallen ~45% from its end-June peak and is up just 4% YTD, weighed down by data center demand durability concerns
** Those concerns have also weighed down CMI, which extended YTD losses to 6%, while JCI pares its yearly gains to 16%
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))