Deere Earnings Smash Wall Street Estimates. Here’s Why the Stock Is Falling.

Deere crushed Wall Street’s earnings estimates and increased fiscal-year financial guidance. The stock, however, was down. Current results were great, but investors are worried about whether the current phase of rising demand for agricultural equipment is over.

Deere also raised guidance on Friday. For fiscal 2023, Deere now expects net income of between $9.75 billion and $10 billion. In May, the guidance range was $9.25 billion and $9.5 billion, while in February management expected $8.75 billion to $9.25 billion. Deere stock was down 1% in premarket trading, while S&P 500 and Dow Jones Industrial Average futures fell 0.3% and 0.2%, respectively.

Dobre said dealers are restocking inventory, which is good for current results but less good for performance down the road. When their inventories are full, dealers don’t order more products.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Applied Materials earnings, outlook top Wall Street expectations, and stock risesApplied Materials' stock rose after hours Thursday as both earnings and outlook for the maker of semiconductor-manufacturing equipment topped Wall Street...
Source: MarketWatch - 🏆 3. / 97 Read more »

Activists ease up on Salesforce — plus, 10 other Club stocks traded by Wall Street prosSalesforce (CRM), Nvidia (NVDA) and Alphabet (GOOGL) were among the basket of Club stocks traded by high-profile investors in the second quarter.
Source: CNBC - 🏆 12. / 72 Read more »

The lawsuit that could kill Wall Street’s industry regulatorWeekly jobless claims and the Philadelphia Fed manufacturing survey will be released at 8:30 a.m.
Source: politico - 🏆 381. / 59 Read more »