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Northern Star
The Student News Site of Northern Illinois University

Northern Star

Deere sees some stability on farms in bruising trade fight

By MICHELLE CHAPMAN | February 21, 2020

Deere had a surprisingly strong first quarter after an extended period in which it was bruised by the ongoing trade war between the United States and China.

“Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports,” CEO John May said in a prepared statement Friday.

China announced Friday that it suspended more punitive tariffs on imports of U.S. industrial goods in response to a truce in its trade war with Washington. Under their “Phase 1” agreement signed in January, Washington agreed to cancel additional tariff hikes and Beijing committed to buy more American farm exports.

China's retaliatory tariffs have clobbered exports of soybeans and other commodities, hurting farmers, and in turn, farming equipment manufacturers.

The Trump administration has provided $27 billion in aid to farmers to ease the pain of his trade war. And in a tweet Friday, he promised to expand the bailout if farmers need it as they await the economic benefits of his recent trade deals with Mexico, Canada and China. He said the aid would be financed by revenue from his tariffs on foreign goods — taxes that are paid by American importers.

Deere, based in Moline, Illinois, has posted three consecutive quarters of falling profits and slowing sales growth with trade tensions between the world's two largest economies ongoing.

For the three months ended Feb. 2, Deere & Co. earned $517 million, or $1.63 per share. The per-share earnings easily beat the $1.28 that industry analysts had expected, according to a survey by Zacks Investment Research, and it topped last year's quarterly profit of $498 million, or $1.54 per share.

Adjusted revenue —which excludes financial services revenue— was $6.53 billion, also beating Wall Street's estimate of $6.2 billion.

The quarterly performance is in contrast to a year ago, when Deere cautioned on anxious farmers and rising costs.

Looking ahead, the companystill foresees fiscal 2020 earnings of $2.7 billion to $3.1 billion,unchanged from its previous guidance.

Shares of Deere & Co. jumped more than 6% at the opening bell.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DE at https://www.zacks.com/ap/DE

Asian shares mostly rise despite continuing virus fears

By YURI KAGEYAMA | February 18, 2020

TOKYO (AP) — Asian shares mostly rose Wednesday, despite overnight losses on Wall Street and continuing fears about an outbreak of a new virus that began in China.The Nikkei 225 rose 1.1% in morning trading to 23,453.59 after data for January showed...

Shares take hit as virus outbreak slams profits, events

By ELAINE KURTENBACH | February 18, 2020

BANGKOK (AP) — Stock markets slipped Tuesday as the impact from the virus outbreak that began in China deepened, with Apple saying it would fail to meet its profit target this quarter and China moving to postpone or cancel major events, including the...

Nissan shareholders furious at Ghosn scandal, dismal results

By YURI KAGEYAMA | February 18, 2020

TOKYO (AP) — Nissan shareholders vented their outrage at the Japanese automaker's top management Tuesday for crashing stock prices, zero dividends and quarterly losses after the scandal-ridden departure of former Chairman Carlos Ghosn.They got up, one...

Shares fall in Asia as virus outbreak hits profits, events

By ELAINE KURTENBACH | February 18, 2020

BANGKOK (AP) — Shares slipped in Asia on Tuesday as the impact from the virus outbreak that began in China deepened, with Apple saying it would fail to meet its profit target and China moving to postpone or cancel major events including the Beijing...

US stocks post small gains, major indexes up for the week

By ALEX VEIGA | February 14, 2020

Wall Street closed out a wobbly day of trading Friday with the major stock indexes notching their second straight weekly gain.The S&P 500 and Nasdaq eked out tiny gains, good enough to nudge each to an all-time high for the fourth time this week....

Asian stocks rebound from early losses as virus toll grows

By YURI KAGEYAMA | February 13, 2020

Shares rebounded in Asia on Friday after an early sell-off, though Japan's benchmark declined as investors reacted to news of a growing number of cases of a new virus among the local population.The Nikkei 225 fell 0.6% in morning trading to 23,683.44....

Airbus CEO sees no short-term benefit from Boeing MAX woes

By DAVID McHUGH | February 13, 2020

FRANKFURT, Germany (AP) — Airbus' chief executive said Thursday that his company sees no short-term benefit from Boeing's troubles with its grounded 737 MAX because the competing A320 is sold out years ahead.CEO Guillaume Faury said that safety was...

Price worries remain after judge OKs T-Mobile’s Sprint deal

By TALI ARBEL | February 11, 2020

NEW YORK (AP) — A federal judge has cleared a major path for T-Mobile to buy Sprint for $26.5 billion, citing T-Mobile's track record in promoting competition, even as legal scholars and consumer advocates warn about higher phone bills.Judge Victor...

Ford full-year profit plunges on slower sales, pension costs

By TOM KRISHER | February 4, 2020

DETROIT (AP) — Ford Motor Co.'s profit last year plunged by more than $3.6 billion, weighed down by slowing U.S. sales, the cost of a botched SUV launch and some big pension expenses.The Dearborn, Michigan, automaker said Tuesday it made $47 million...

Tesla stock is soaring. Madness or visionary investing?

By TOM KRISHER and CATHY BUSSEWITZ | February 4, 2020

DETROIT (AP) — Eight months after it seemed headed for the corporate junkyard, Tesla is now worth more than General Motors, Ford and Fiat Chrysler combined, even though the Big Three together sell more cars and trucks in two weeks than Tesla does in...

Asia shares gain, Shanghai up slightly after Wall St rebound

By ELAINE KURTENBACH | February 3, 2020

BANGKOK (AP) — Shares advanced in Asia on Tuesday, with the Shanghai Composite up 0.2% after a rebound on Wall Street overnight.Markets were still far from giving the all-clear on the virus outbreak that has spread to more than 20 countries and killed...

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