Tom Essaye gives his take on Caterpillar (CAT) after it missed earnings estimates on the top and bottom line. “Dealers lowered their inventory,” he notes. “In the short term, that’s a little bit concerning.” But long term, he sees positives, including a much higher backlog and management sticking to its forecasts for margins. His biggest areas of concern are in their foreign business if countries retaliate against the U.S. by excluding CAT.