Deere CEO fears Trump tariffs could spark wider trade retaliation: report
Sam Allen says trade partners could strike back at US farm exports
Company
NYSE:DE
Deere & Company is engaged in the delivery of agricultural, construction and forestry equipment. The company's Production & precision agriculture segment develops and delivers global equipment and technology solutions to growers of large grains, small grains, cotton and sugarcane.
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Sam Allen says trade partners could strike back at US farm exports
It’s been a tough few years for the tractor maker with global oversupply pushing down prices and sending sales in Deere’s key North American market plunging
"The Fed seems headed to a rate hike in December. That would lift the Fed funds rate to 1.2%-1.5%, roughly equal to inflation," said Mickey Levy at Berenberg Capital Markets.
For the quarter to October 29, Deere posted net income of US$510.3mln, or US$1.57 a share, up from US$285.3mln, or 90 US cents a share a year earlier, beating consensus for earnings per share of US$1.47
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Also covered: Deere & Company, Target Corporation and Pioneering Technology
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For the quarter ended July 30, Deere’s net income rose to US$641.8mln, or US$1.97 a share, beating the consensus estimate of US$1.93, and up from US$488.8mln, or US$1.55 a share a year earlier
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“John Deere reported strong results in the second quarter as market conditions showed signs of further stabilization”
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Deere saw its net sales fall to US$4.70bn for the three months to January 31, down from US$4.77bn a year earlier, but that was above the consensus forecast.
US stocks, beleaguered all session, managed to close Friday at a fresh record high, led by financials as well as takeover bidder Kraft Heinz
US top stocks inched their way out of intraday deficit and closed at fresh record highs on Wednesday after Federal Reserve meeting minutes were released.
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Exxon Mobil downgraded, Chevron upgraded by Goldman
Washington antitrust regulators filed a suit on Wednesday to block Deere & Co, the US farm equipment maker, from buying Monsanto’s precision planting unit
The company boosted its full year earnings forecast after its sales decline wasn’t as bad as Wall Street had expected
Wall Street ended the week higher and out of 2016-negative territory as markets were buoyed by stronger US housing data and brushed aside a mid-week shock that Fed rates may go up as soon as in June
US stocks were higher at midsession on Friday as better housing data helped the broad S&P 500 ticker escape negative territory for 2016
Adverse reaction to results from heavyweights such as Deere & Co, Foot Locker and the Campbell Soup tempered the S&P 500's rise