I suppose CAT has a sizeable exposure to China, it certainly has exposure to Europe, the rest of Asia and Latin America, all regions in the process of slowing down.  Generally speaking, multinationals will continue to be under pressure until there is a hint of a bottom globally and/or stock prices attract buyers.  Given the steep declines some of them have endured this year, they may become attractive if the market declines an additional 7 to 8%.  Then again, if the market goes deep into bear market territory, who knows?