Ford (F) Stock Slumps 2.15%: A Closer Look

DEERE & COMPANY (DE) STOCK MOVES +18.6%: WHAT YOU SHOULD KNOW

Deere & Company (DE) shares surged +18.6% on Tuesday, after the agricultural equipment manufacturer reported stronger-than-expected quarterly earnings and provided an upbeat outlook.

The company's fiscal third-quarter earnings per share of $3.21 surpassed the Zacks Consensus Estimate of $2.83. Revenue also exceeded expectations, totaling $11.3 billion compared to the consensus target of $10.4 billion.

The strong results were driven by higher demand for agricultural equipment, particularly in North America, as well as increased sales of construction and forestry equipment.

Deere & Company also provided guidance for the full year, predicting earnings per share of $12.50 to $13.50, which is higher than the current Zacks Consensus Estimate of $12.14.

CEO John May's statement emphasized the company's efforts to drive growth and profitability, stating, "We are focused on executing our strategy to drive growth and improve profitability, and our results for the quarter demonstrate progress in this effort."

The stock's significant gain on Tuesday suggests that investors are optimistic about Deere & Company's prospects, particularly as the agricultural sector continues to recover from the pandemic-induced downturn.

With a Zacks Rank #2 (Buy), Deere & Company is a popular choice among investors seeking exposure to the agricultural equipment industry. The company's strong quarterly performance and guidance have likely contributed to the stock's upward momentum.