Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Deere & Co. rode higher prices for farm and lawn-care equipment to 5% higher (y/y) earnings in its fiscal fourth quarter. Sales were flat, but cost-cutting and inventory control allowed the company to raise its bottom line. Deere execs warned of slower sales over the coming year due to a construction and forestry slowdown, but the stock jumped over 6% on the day nonetheless. Earnings were $277.3 million or $1.20/share (analysts expected 94 cents); revenue was $5.12 billion (analysts expected $4.79 billion).
Related links: Media coverage: WSJ . Commentary: Deere & Company: It Takes Oil to Make Ethanol , Jim Cramer's take on Deere
Potentially impacted stocks and ETFs: Deere & Co (NYSE:DE), Caterpillar (NYSE:CAT), Joy Global (JOYG), Manitowoc (NYSE:MTW), AGCO (NYSE:AG), Toro Company (NYSE:TTC)
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