COCOONING: Caterpillar cut 2012 guidance, again. Revenue and profits will both be less than analysts had expected, as dealers work to cut inventory.

STILL AT A CRAWL: 2013 may not be much better. Caterpillar predicts flat revenue, plus or minus 5 percent. The company doesn't expect growth to pick up until the second half of the year. It did predict better construction activity in the U.S.

CUTTING BACK: Production across much of the company has been lowered, Caterpillar said, resulting in temporary shutdowns and layoffs.