As Peter Brandt reminds us, the saying at the Chicago Board of Trade was:
”Well, you must remember, when the cops raid the brothel, everyone gets arrested, even the piano player.”
From The Street, May 20 7:02 AM EDT:
Deere Stock Slumps Despite Q2 Earnings Beat, Profit Forecast Boost Driven By Farm Equipment Demand
"Deere's second-quarter performance reflected a continuation of strong demand even as we face supply-chain pressures affecting production levels and delivery schedules," said CEO John May.Updated at 9:46 am EST
Deere & Co. posted better-than-expected second quarter earnings Friday, and boosted its full-year profit forecast as farm equipment demand looks set to outpace inflation and supply-chain pressures that are disrupting delivery schedules....
....MUCH MORE
At the close the stock was down $51.31 (-14.07%) at $313.31.
We haven't mentioned DE, except for a couple 'right to repair' stories and AGCO's ransomware attack, we haven't posted on Deere in a couple years since July 2020's "Barron's Has Some Nice Words For Agriculture (DE; NTR; CF)":
Keeping in mind that the whole system rests on prices received at the
farmgate, and those haven't put in any kind of sustained bullish
performance.
Well we did get the price action on the commodities over the last two years but with the leverage afforded by options on futures the 170% move in Deere stock just didn't match up.
Now however:
