Industrial Bellwether Caterpillar Reports An Ominous Decline In Sales

Caterpillar (CAT) just filed its latest rolling 3 month retail sales as of the end of April, and its global sales are continuing to crater. Total international machine sales are down 13%, with its total machine sales in Asia down 25%.

Caterpillar's April sales drop in Asia compares to March and February declines of 20% and 17%, respectively. Caterpillar, which is seen as a proxy for building activity in China, reported 2013 sales and revenues of $55.66 billion, down from $65.88 billion in 2012.

Last summer, Jim Chanos, a long-time China bear, gave a presentation outlining a short position in Caterpillar.

On CNBC last week, Chanos said he remains short the stock.

Shares of Caterpillar are down about 1% in morning trade.