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August 12, 2013
14:42 EDTDE, CAT, AGCOCrop report indicates equipment demand likely to drop, says Wells Fargo
After the Department of Agriculture released its August crop report, Wells Fargo says that the modest improvement in row cash receipts was driven by statistical modeling changes. The firm thinks the report provides further evidence that the recent multiyear commodity price super cycle is likely ending, while demand for large farm equipment is likely to drop next year. The firm thinks the report suggests that North American large farm equipment demand could decline 30-50% through 2015. It keeps Underperform ratings on Deere (DE) and AGCO (AGCO).
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August 20, 2014
10:35 EDTCATCaterpillar reported world Machines sales down 9%
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August 18, 2014
08:03 EDTDEMacquarie to hold a field trip
U.S. Midwest Agri Field Trip travels throughout Chicago on August 18-20.
August 15, 2014
09:01 EDTDEDeere to reduce size of manufacturing workforce by 600 employees
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August 13, 2014
10:27 EDTDEDeere plans to scale down commitment in line with down agricultural market
The company, however, says its plans to expand Deere's presence globally remains on track, and it remains confident to earn solid returns in the earnings cycle. Comments taken from Q3 earnings conference call.
10:00 EDTDEDeere sees Q4 sales down 8%, consensus $8.16B
10:00 EDTDEDeere cuts FY14 revenue growth down to 6% from 4%, consensus $33.56B
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09:57 EDTDEDeere sees signs of gradual economic stabilization and cyclical recovery
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09:15 EDTDEOn The Fly: Pre-market Movers
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08:50 EDTAGCO, DEDeere guidance reduction negative for shares, says Wells Fargo
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07:04 EDTDEDeere sees FY14 earnings to be somewhat lower than in 2013, EPS consensus $8.40
Sees FY14 equipment sales to decrease 6% and to be down 8% in Q4 compared with year ago periods. Deere's worldwide sales of agriculture and turf equipment are forecast to decrease by about 10% for fiscal-year 2014. Although the agricultural economy remains in a relatively healthy state, falling commodity prices are contributing to a reduction in farm income. The decline is putting pressure on demand for farm equipment, especially larger models. At the same time, strength in the U.S. livestock sector is providing support to sales of mid- and smaller-size tractors. Based on these factors, industry sales for agricultural machinery in the U.S. and Canada are forecast to be down about 10% for the year. Deere's worldwide sales of construction and forestry equipment are forecast to increase by about 10 percent for full-year 2014. The gain reflects further economic recovery and higher housing starts in the U.S. as well as sales increases outside the U.S. and Canada. Global forestry sales are expected to be up for the year due to general economic growth and improved sales in European markets. Fiscal-year 2014 net income attributable to Deere & Company for the financial services operations is expected to be approximately $600 million. The outlook reflects improvement over last year due primarily to expected growth in the credit portfolio and a more favorable tax rate.
07:02 EDTDEDeere: Q3 results reflect moderating conditions in global farm sector
Construction and forestry and financial services divisions had higher profit.
07:01 EDTDEDeere reports Q3 EPS $2.33, consensus $2.20
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August 12, 2014
15:23 EDTDENotable companies reporting before tomorrow's open
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15:07 EDTDEDeere technical commentary ahead of results
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14:21 EDTDE, AGCOWASDE bearish for farm equipment manufacturers, says Wells Fargo
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13:47 EDTDEDeere August 86 straddle priced for 3.2% move into Q3
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06:50 EDTDEDeere volatility elevated into Q3 and outlook
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August 11, 2014
06:13 EDTDEDeere estimates reduced on demand deterioration at Longbow
Longbow lowered Deere estimates following survey results that indicate significant weakness in ag market demand due to declines in crop prices and high inventory levels. The firm lowered estimates to reflect the deteriorating outlook and reiterates its Underperform rating.
August 7, 2014
10:00 EDTCATOn The Fly: Analyst Upgrade Summary
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08:04 EDTCATCaterpillar upgraded to Buy from Neutral at ISI Group
ISI Group upgraded Caterpillar to Buy citing recent share weakness and year-to-date machinery sector underperformance. Price target raised to $113 from $110.
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