Deere Declines After Lowering Its Annual Forecast for U.S. Farmer Revenue |
| Bloomberg - Feb 15, 2012 |
Deere & Co., the largest maker of agricultural equipment, fell the most in three months after lowering its forecast for U.S. farmer revenue, an indicator of demand for its signature green-and-yellow machines.
Deere dropped 3.3 percent to $86.09 at 12:47 p.m. in New York. The shares earlier tumbled 3.8 percent, the biggest intraday decline since Nov. 9.
Total U.S. farm receipts will be $371.9 billion in 2012, down from a November forecast for $374.2 billion and lower than the record $381.4 billion in 2011, as corn, wheat and soybean prices decline, the Moline, Illinois-based company said today in a presentation accompanying its fiscal first-quarter results.
“There is concern about moderation, if not peak, in agricultural equipment,” Larry De Maria, a New York-based analyst for William Blair & Co. who rates the shares “market perform,” said today in a telephone interview.
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- Posted: 2012-02-15 12:41:19
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