Deere lifts profit view on price hikes, strong farm equipment demand
Deere & Co raised its annual profit forecast on Friday, as the world’s largest farm equipment maker expects a boost to margins from price hikes and solid demand for its tractors and combines.
Record grain prices have put more cash in farmers’ pockets and spurred them to increase investments in agricultural machinery amid a tight labor market. The U.S. Department of Agriculture estimated net farm income to have risen 25% to $23.9 billion in 2021.
Deere raised prices to combat rising shipping and supply chain costs, but that has not deterred demand, with the company’s North American order books full for most of its large farm equipment in 2022.
Roku shares plunge in premarket after revenue misses on supply chain snags
Roku Inc. reported quarterly revenue on Thursday that missed estimates, as the company was hit by supply chain issues that affected sales of television sets and its own streaming devices.
Roku said it expects current-quarter revenue of $720 million, compared with analysts’ estimates of $748.5 million, according to IBES data from Refinitiv.
The company said acquiring customers will remain a priority and it will not pass on higher costs to customers. Roku’s gross margins fell about 3% in the reported quarter.
Stock futures higher on hopes diplomacy will ease Russia-Ukraine tensions
U.S. equity futures traded higher on Friday, trimming losses from Thursday’s plunge on escalating worries over the possibility Russia may invade Ukraine.
The major futures indexes suggest a gain of 0.5% when the opening bell rings. Continue reading
Bitcoin price clawing back from Thursday plunge
Bitcoin was attempting to pare the previous day’s losses, trading Friday morning above $40,000.
Bitcoin took a hit of more than 7% on Thursday as markets reacted to concerns over a possible Russia invasion of Ukraine spiked. It was the largest percentage decrease since Jan. 21, when it fell more than 11%. Continue reading
Gold spikes to nine-month high on Russia, Ukraine
Nervous investors, spooked by a Russian-Ukraine conflict, barreled into gold on Thursday, driving the price to a level not seen since June of 2021: $1,900.70 and upward momentum may continue, aiding the SPDR Gold ETF. Continue Reading
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