Deere rises, levels to watch The shares spiked higher in the early going after announcing it would expand its buyback plan by $8 billion. After the initial spike shares traded down, finding support near $84.60 before bouncing. At the current price of $85.46, resistance is at $86.10. That would put shares close to the middle of the year-to-date trading range.
Deere should be sold into today's rally, says Wells Fargo Wells Fargo recommends selling shares of Deere into today's rally and reiterates an Underperform rating on the stock. Wells expects Deere's buyback authorization will take some time to deploy and continues to believe the company's earnings power will be hindered by cyclical forces beginning in the second half of 2014.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Brocade (BRCD) downgraded to Neutral from Buy at ISI Group... Campbell Soup (CPB) downgraded to Neutral from Buy at Goldman... Clorox (CLX) downgraded to Sell from Neutral at Goldman... Deere (DE) downgraded to Market Perform from Outperform at BMO Capital... JetBlue (JBLU) downgraded to Underperform from Market Perform at Raymond James... PAA Natural Gas Storage (PNG) downgraded to Neutral from Buy at UBS... Schnitzer Steel (SCHN) downgraded to Underperform from Hold at Jefferies... Windstream (WIN) downgraded to Neutral from Buy at DA Davidson... Gerdau SA (GGB) downgraded to Neutral from Outperform at Credit Suisse... Denbury Resources (DNR) downgraded to Neutral from Positive at Susquehanna... Qihoo 360 (QIHU) downgraded to Hold from Buy at Stifel... Time Warner Cable (TWC) downgraded to Hold from Buy at Argus... Sprint (S) downgraded to Sector Perform from Outperform at Pacific Crest... Comfort Systems USA (FIX) downgraded to Hold from Buy at KeyBanc.