Deere Gains as Savings Vow, Forecast Ease Investors’ Alarm
- Company lowers forecast for U.S. GDP growth in fiscal 2019
- Still, Deere remains positive on general economic conditions
This article is for subscribers only.
Deere & Co.’s shares jumped after it pledged to lower its costs and offered an outlook cut that was less than some investors feared as it fights to overcome a disruptive trade war and a slowing global economy.
The world’s top tractor maker gained the most in seven months, climbing as much as 5.1% after announcing earnings Friday to recover some of the losses earlier in the week. While quarterly earnings trailed the average estimate, its guidance and a vow to boost efficiency may have comforted investors buffeted by a tumultuous two weeks in agriculture markets.