DE - Deere & Company

NYSE - NYSE Delayed Price. Currency in USD
156.48
-3.51 (-2.19%)
At close: 4:01PM EST
Stock chart is not supported by your current browser
Previous Close159.99
Open155.29
Bid156.40 x 900
Ask155.21 x 1200
Day's Range152.66 - 158.92
52 Week Range132.68 - 181.99
Volume2,920,963
Avg. Volume1,636,364
Market Cap49.261B
Beta (5Y Monthly)1.15
PE Ratio (TTM)15.26
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield3.04 (1.90%)
Ex-Dividend DateMar 29, 2020
1y Target EstN/A
  • Most New Infections Now Outside China, WHO Says: Virus Update
    Bloomberg

    Most New Infections Now Outside China, WHO Says: Virus Update

    (Bloomberg) -- More coronavirus cases were reported in countries other than China in the past 24 hours for the first time since the initial patient was identified on Dec. 8, the World Health Organization said. It’s a significant development as China battles the oubreak and new cases spread elsewhere around the globe.New infections were diagnosed in countries from Pakistan to Brazil, which reported the first case in Latin America, while Italy and Iran confirmed additional patients with the disease. Germany said it was likely at the start of an epidemic, and 700 people remained confined in a hotel in Tenerife, one of the Canary Islands.In the U.S., President Donald Trump and federal health officials plan to brief the public Wednesday on efforts to prevent the spread of the pathogen. A top American health official said that the increase in outbreaks outside China will make it harder to keep the virus outside the U.S.Key DevelopmentsChina death toll at 2,715, Hubei province adds 52 fatalitiesU.S. confirms 15th case, not including ship evacueesGlobally 2,771 have died and 81,233 people have been infectedHong Kong sets stimulus package with one-time cash handoutsClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.WHO: Most New Cases Now Outside China (3:43 p.m.)More coronavirus cases were reported in countries other than China in the past 24 hours for the first time since the initial patient was identified on Dec. 8, the World Health Organization said.The agency said in its daily situation report that there were 459 confirmed cases outside of China in the past 24 hours, compared with 412 new ones in China, where the outbreak began.Nestle Bans Travel by Employees Until Next Month (2:43 p.m. NY)Nestle SA, the world’s largest food and beverage company, told employees to avoid traveling for business reasons until the middle of next month to keep from contracting or spreading the coronavirus.The Swiss maker of KitKat snack bars and Nespresso capsules “shares global concerns over the spread and impact on public health of coronavirus,” it said by email.Nestle, which employs 291,000 people worldwide, is one of the first multinationals to take such a decisive step in the face of the outbreak. The Nestle measure extends to March 15 and will be reviewed, the company said.3M Climbs as Virus Boosts Mask Demand (2:10 p.m. NY)3M Co. rose the most in almost three months as Melius Research upgraded the shares to buy from hold, citing demand for N95 respirator masks now in short supply.U.S. health officials said there could be a need for 300 million facemasks to combat a domestic coronavirus outbreak. St. Paul, Minnesota-based 3M, which makes everything from dental equipment to Post-it notes, is the biggest supplier of the masks, which are widely used by health-care workers.Health and Human Services Secretary Alex Azar told a House panel Wednesday that the U.S. has about 12 million N95 respirators stockpiled currently, but would need significantly more in the event of an outbreak in the country.Azar Says 15th Case Confirmed in U.S. (2 p.m. NY)Azar said the U.S. has a 15th confirmed case of the coronavirus. His count doesn’t include the 42 passengers who were evacuated from the Diamond Princess cruise ship or three who were repatriated from Wuhan, China, the epicenter of the outbreak.Nassau County Monitoring 83 People (1:40 p.m. NY)Health officials in Nassau County on New York’s Long Island are monitoring 83 people who have visited mainland China or may have come in contact with the new coronavirus, officials said Wednesday.Radio station 1010 WINS, citing County Executive Laura Curran, said six people have been tested so far and that five have been confirmed not to have it. Results of the sixth test aren’t in yet.Health officials around the U.S. have been testing hundreds of travelers who had visited China, where the coronavirus originated.Spahn: Germany at Beginning of Epidemic (12:45 p.m. NY)New cases of the virus in the German states of North Rhine-Westphalia and Baden-Wurttemberg are a sign that Germany is “at the beginning of a coronavirus epidemic,” Health Minister Jens Spahn said in Berlin on Wednesday.“It is questionable whether out current strategy of isolating the infection and capping infection chains will work further,” Spahn said. “The probability that this virus will circumvent Germany won’t be fulfilled”Pakistan Confirms First Coronavirus Cases (12:05 p.m. NY)Pakistan’s health minister said the country had identified two cases of coronavirus, the first in the country.Both cases are being treated and are stable, Pakistan health minister Zafar Mirza said on Twitter. “No need to panic, things are under control,” Mirza said.Europe Health Official Predicts Wider Outbreak (11:46 a.m. NY)“It is likely that Europe will see similar developments like in Italy, varying from country to country,” the European Centre for Disease Prevention and Control said in an update Wednesday. “The risk of the occurrence of similar clusters, similar to the ones in Italy, associated with Covid-19 in other countries in the EU/EEA and the U.K. is currently considered to be moderate to high,” ECDC said in its risk-assessment report.Even though “we are still in the containment phase,” European Union member states should review their “pandemic plans,” the bloc’s health chief, Stella Kyriakides, said in Rome earlier today.“All Member States need to inform us about their preparedness plans and how they propose to implement them,” Kyriakides said in a press conference, according to a copy of her prepared remarks. “This is the kind of crucial information that we all need to have if the virus spreads further and I urge Member States to share this with us and each other, as this is important for our mutual security.”White House Says Not Planning to Appoint Virus Czar (11:27 a.m. NY)The Trump administration said it doesn’t plan to appoint a “czar” to take over response to the coronavirus, pushing back on a report in Politico that it was considering doing so.White House spokesman Judd Deere said the talk of a czar being appointed wasn’t accurate:Health and Human Services Secretary Alex Azar has been leading an administration task force on the virus, and has said U.S. containment efforts have been working well so far. “I don’t anticipate one, I think this is working extremely well,” he said Wednesday, responding to questions about the appointment of a czar from Congress. “That would be for the president to decide.”Trump Administration Could Seek More Virus Funding (10:45 a.m. NY)Azar suggested the Trump administration may seek more money for a virus response than the $2.5 billion announced on Tuesday. He told a House panel Wednesday that the administration is planning to spend “at least” that amount and would work with Congress on a final figure.“We’re trying to be flexible,” he said in response to questions.Azar on Tuesday faced critical questioning about the administration’s response from members of both parties at congressional hearings on Tuesday. Democrats responded with their own plans to respond to the virus. Senate Democratic leader Chuck Schumer on Wednesday proposed $8.5 billion in spending for the virus response. House Speaker Nancy Pelosi called Trump response “meager, anemic,” and a Democratic aide said the House would vote on its own funding plan the week of March 9.State Department Adds Virus to Italy Travel Advisory (10:44 a.m. NY)The U.S. State Department said travelers to Italy should exercise increased caution when traveling there because of the coronavirus outbreak in the region of Lombardy. The State Department notice tells people to take precautions but doesn’t suggest they cancel travel.The department’s warning has been at Level 2 already because of terrorism risk.NIH’s Fauci Says Global Spread Raises U.S. Risk (10 a.m. NY)A top American health official said that the spread of cases outside China will make it harder for the U.S. to keep the coronavirus outside its borders.“The more you see outside of the United States, the greater the risk of it spilling over into the United States,” said Anthony Fauci, director of the National Institute of Allergy and Infectious Disease, which is part of the National Institutes of Health.“Nothing has changed inside our country, but things have changed outside that may ultimately have an impact here,” Fauci said during a television interview Wednesday.Schumer Prepares $8.5 Billion Funding Request: (9:55 a.m. NY)U.S. Senate Democratic leader Chuck Schumer is preparing a request for emergency coronavirus funding totaling $8.5 billion, according to a senior Senate Democratic aide. His request is expected to be finalized early Wednesday and sent to Appropriations committee members.Six Nations Rugby Match on March 7 Is Called Off (9:46 a.m. NY)The Six Nations rugby match between Ireland and Italy, scheduled for March 7, has been called off. Ireland had on Tuesday recommended the match be scrapped on public health grounds.Four More Cases Reported at Resort in Italy (9:30 a.m. NY)The total number of cases in Italy rose to 378. Four infections were reported at a hotel in the coastal resort of Alassio in the Liguria region, which is in lockdown with an adjacent hotel, according to regional Governor Giovanni Toti. Some of the 147 tourists will be transferred and quarantined back home as they don’t show symptoms.Brazil Confirms Coronavirus Case, First in Latin America (9:21 a.m. NY)Brazil has confirmed the first coronavirus case in Latin America and will announce it shortly at a press conference, according to a person with direct knowledge of the matter.A 61-year-old Brazilian who recently traveled to Northern Italy for work tested positive in a preliminary test, the Health Ministry said in a statement late Tuesday evening. A second round of tests have confirmed the diagnosis, said the person, who isn’t authorized to speak publicly ahead of the press conference.Russia Limits Visas for Iranians, Cuts Korea Flights (9 a.m. NY)Russia has stopped issuing visas to most citizens of Iran and is limiting flights to South Korea, as the country’s top public-health official warned of growing risks that the virus will spread in the country.Authorities are also calling on Russians to refrain from visiting Italy and will extend restrictions already imposed on travel to China until April 1.Though its shares a long land border with China, Russia has so far reported only two local cases of COVID-19, both involving Chinese nationals.\--With assistance from Fabiola Moura, Andrey Biryukov, Marco Bertacche, Dara Doyle, Tereza Elisabeth Pusca, Brian Parkin and Richard Clough.To contact Bloomberg News staff for this story: Adveith Nair in London at anair29@bloomberg.netTo contact the editors responsible for this story: Stuart Wallace at swallace6@bloomberg.net, Mark SchoifetFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    FOCUS-Deere taps tractor-hailing tech in bid to break ground in Africa

    Deere & Co. is teaming up with the "Uber of tractors" in Africa and betting on a future where farmers summon machines with the touch of a button. The aim is to help the U.S. company boost sales of it famous green and yellow John Deere tractors, a tough task in a continent with the world's highest poverty rate and the least mechanised agricultural sector. Deere is currently testing the technology - a small black box fitted beneath dashboards - on around 400 tractors in Ghana and Kenya.

  • Deere taps tractor-hailing tech in bid to break ground in Africa
    Reuters

    Deere taps tractor-hailing tech in bid to break ground in Africa

    Deere & Co. is teaming up with the "Uber of tractors" in Africa and betting on a future where farmers summon machines with the touch of a button. The aim is to help the U.S. company boost sales of it famous green and yellow John Deere tractors, a tough task in a continent with the world's highest poverty rate and the least mechanised agricultural sector. Deere is currently testing the technology - a small black box fitted beneath dashboards - on around 400 tractors in Ghana and Kenya.

  • Company News for Feb 24, 2020
    Zacks

    Company News for Feb 24, 2020

    Companies In The News Are: DE, WPC, PNW, TECK.

  • Deere (DE) Looks Good: Stock Adds 7% in Session
    Zacks

    Deere (DE) Looks Good: Stock Adds 7% in Session

    Deere (DE) saw a big move last session, as its shares jumped more than 7% on the day, amid huge volumes.

  • Thomson Reuters StreetEvents

    Edited Transcript of DE earnings conference call or presentation 21-Feb-20 3:00pm GMT

    Q1 2020 Deere & Co Earnings Call

  • Investopedia

    Deere Breaks Out From Channel Amid Farming Turnaround

    Deere shares briefly hit new 52-week highs on better-than-expected first quarter results as farmers bet on a trade war resolution.

  • GuruFocus.com

    Deere Posts Stronger-Than-Expected 1st-Quarter Results

    Revenue declined 6% in the quarter, but surpassed projections Continue reading...

  • ETF Trends

    Deere Helps Agribusiness ETFs Shake Off Market Weakness

    Agribusiness-related ETFs brushed off the broader market weakness Friday as Deere & Co’s (NYSE: DE) shares surged to a five-year high on an unexpected jump in quarterly profits. On Friday, the iShares ...

  • Barrons.com

    The Dow Fell 228 Points Because the U.S. Economy Took a Hit in February

    The main U.S. stock indexes fell again in response to a double punch from renewed fear about the coronavirus and discouraging data on the service sector of the economy.

  • GuruFocus.com

    US Indexes Lower Friday and for the Week

    Nasdaq up 5.3% for the year Continue reading...

  • Reuters

    US STOCKS-Coronavirus fears, U.S. business data drag down Wall Street

    U.S. stocks sold off and the Nasdaq had its worst daily percentage decline in about three weeks on Friday as a spike in new coronavirus cases and data showing a stall in U.S. business activity in February fueled investors' fears about economic growth. Declines were led by the technology sector for a second straight session. Tech-related heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc were the biggest drags on the S&P 500.

  • 4 Top Stock Trades for Monday: WORK, GLD, DE, DBX
    InvestorPlace

    4 Top Stock Trades for Monday: WORK, GLD, DE, DBX

    Stocks are under pressure on Friday, falling as coronavirus worries continue to weigh on equities and drive up safe-haven plays. That said, here's a look at some top stock trades for next week. Top Stock Trades for Tomorrow No. 1: Slack (WORK) Click to Enlarge Source: Chart courtesy of StockCharts.comSlack (NYSE:WORK) is up more than 2% on the day, despite jumping more than 6% in pre-market trading on reports that Uber (NYSE:UBER) will move all of its employees onto the platform. WORK has had momentum after similar reports of IBM (NYSE:IBM) doing the same thing earlier this month.Slack's rally drew in sellers on Friday, but the stock is still looking better overall. Earlier this month, Slack broke out over the 100-day moving average, then held this mark as support on a pullback.InvestorPlace - Stock Market News, Stock Advice & Trading TipsA few days later, it pushed above the $26 IPO price. Now, investors want to see it hold up above the $26 to $27 area. Above keeps Friday's high of day and $30-plus on the table. * 10 S&P 500 Stocks to Buy Increasing Their Dividends in 2020 Below this area and the 20-day moving average, though, and the 50-day and 100-day moving averages are on the table, with both near $23. Top Stock Trades for Tomorrow No. 2: Gold ETF (GLD) Click to Enlarge Source: Chart courtesy of StockCharts.comThe SPDR Gold Trust ETF (NYSEARCA:GLD) remains red hot, as investors continue the flight-to-safety trade even as equities have done well the last few months.With Friday's gap up, the GLD is hitting new 52-week highs, while sporting an overbought condition on the relative strength index (RSI). The move caps six straight sessions with a gain, as GLD broke out over $150 this week.Just because shares are overbought, doesn't mean the stock can't run higher possibly to $160. However, investors may prefer to wait for a dip. Preferably, a drop down to the $150 breakout mark will be met with support -- a strong sign that bulls are still in control.It would also be attractive to see the 20-day moving average hold as support. Below both measures puts the 50-day moving average on the table. Top Stock Trades for Tomorrow No. 3: Deere (DE) Click to Enlarge Source: Chart courtesy of StockCharts.comShares of Deere (NYSE:DE) are hitting new annual highs on Friday, after surprisingly better-than-expected quarterly results. The stock is pushing through recent resistance near $177, but struggling to hold its gains above this mark.Above resistance puts a move up to $185-plus on the table. However, failure to close over resistance keeps downside levels in the realm of possibilities too.That would first put the 10-week moving average on the table near $172, followed by a slightly deeper dip down to the $161 to $163 area. There, Deere will find the 50-week moving average and uptrend support (blue line).After such a favorable reaction to earnings, I wouldn't normally look for such a pullback. But when considering current resistance along with the possibility of a larger market correction, these downside marks become possible. * 3 Wild Stocks To Wrangle In This Bullish Market Overall, just stay open-minded and flexible. Let price be the guide, not opinion. Top Stock Trades for Tomorrow No. 4: Dropbox (DBX) Click to Enlarge Source: Chart courtesy of StockCharts.comBucking the trend on Friday is Dropbox (NASDAQ:DBX), which is up 23% at one point after reporting earnings.The charts for this one are really interesting. With the move, shares are ripping through the 20-week moving average -- which roughly translates to the 100-day moving average. This measure has been resistance for several months now, stymieing each rally in DBX stock.Furthermore, the stock burst through the 50-week moving average and long-term downtrend resistance (blue line). One measure many investors are surely not considering is the newly established 100-week moving average, which just came into play at $23.76. Guess what Friday's high is so far? DBX came within 4 cents of that mark.On the upside, the 100-week moving average is now the mark to clear for more upside. If it can, $26 is on the table. On the downside, though, see that $20 to $21 holds as support. $21 is the IPO price for Dropbox, while this area also marks the 50-week moving average and backside of prior downtrend resistance.The chart for DBX is my favorite from this week, purely from a technical perspective. However, that doesn't mean it's the best buy or anything like that. Just pure technicals that make it a fun one to study.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 S&P 500 Stocks to Buy Increasing Their Dividends in 2020 * 5 Tech Stocks Vying to Win the AR/VR Race * 7 U.S. Stocks to Buy on Coronavirus Weakness The post 4 Top Stock Trades for Monday: WORK, GLD, DE, DBX appeared first on InvestorPlace.

  • US STOCKS-Wall St drops as coronavirus fears, business activity data weigh
    Reuters

    US STOCKS-Wall St drops as coronavirus fears, business activity data weigh

    U.S. stocks sold off on Friday as a spike in new coronavirus cases in China and other countries and as data showing U.S. business activity stalled in February fueled investors' fears about the economy. Declines on Friday were led by heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc for a second straight day. Chipmakers, with strong ties to China for revenue, also fell sharply, with the Philadelphia Semiconductor index falling 3%.

  • Coronavirus Caution Keeps High-Flying Deere’s Feet on the Ground
    Bloomberg

    Coronavirus Caution Keeps High-Flying Deere’s Feet on the Ground

    (Bloomberg) -- If there was one dark cloud in Deere & Co.’s otherwise stellar quarterly earnings it was how much the coronavirus outbreak could weigh on the machinery giant’s customers and suppliers in the coming months.Deere surprised investors Friday by delivering profit growth and pointing to green shoots in farmer confidence after two years of being hammered by trade wars and wild weather. Its shares surged the most in three years to a record.But on a call with company executives, analysts asked what was behind the decision not to raise its earnings outlook. One reason for the cautious approach is the deadly virus that’s disrupted trade, transport, labor and industry.The company is working on contingencies to ensure it can get parts to facilities in case the outbreak impacts its suppliers in China, executives said on the call. They flagged a $40 million expense for expedited air freight that will hit in the second quarter. Less of a concern are Deere’s sales in the Asian nation, although road building there has been affected.“Even with the beating of the quarter and a lower tax rate, they do seem to be little bit more cautious partially due to the $40 million,” Ashish Gupta, senior machinery analyst at Stephens Inc., said after the earnings call.While the phase one trade deal between Beijing and Washington has improved farmer confidence, it’s still too early to provide forecasts on China’s agriculture purchases as overall activity has slowed in the Asian country, Deere said.Deere maintained its fiscal 2020 net income guidance, forecasting a range of $2.7 billion to $3.1 billion. That compares with the $2.9 billion average analyst estimate.The company’s cautiously optimistic view on agriculture was supported by government crop projections released Friday. The U.S. Department of Agriculture expects American soybean stockpiles to sink to pre-trade war levels as China comes back into the market.To contact the reporter on this story: Laura Yin in Seattle at yyin26@bloomberg.netTo contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net, Simon CaseyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • US STOCKS-Wall St slides as gloomy data adds to coronavirus fears
    Reuters

    US STOCKS-Wall St slides as gloomy data adds to coronavirus fears

    U.S. stock indexes fell on Friday after data showed U.S. business activity stalled in February, while a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds. Declines on Friday were led by heavyweights Microsoft Corp , Amazon.com Inc and Apple Inc for a second straight day.

  • Barrons.com

    The Dow Is Down More than 200 Points. This Time There’s More to Blame Than the Coronavirus.

    STOCKSTOWATCHTODAY BLOG Service Down. The three major U.S. stock market indexes fell as investors continued to worry about the coronavirus, and the Markit Services purchasing manager index unexpectedly came in below 50, the dividing line between economic expansion and contraction.

  • Deere's shares hit all-time high on unexpected rise in quarterly profit
    Reuters

    Deere's shares hit all-time high on unexpected rise in quarterly profit

    Deere & Co's shares hit an all-time high on Friday after the company reported an unexpected increase in first-quarter profit, but the world's largest farm equipment maker warned the outbreak of coronavirus would hit sales and earnings in the second quarter. Shares surged 9.7% to their highest-ever level of $181.99 in morning trade after Deere said it sees signs of stabilization in the U.S. farm sector, which has been buffeted by a nearly two-year-long trade war with China. A lower tax rate lifted the quarterly profit to $1.63 per share from $1.54 per share last year, topping Refinitiv's average analyst estimate of $1.26 per share.

  • Deere Is Seeing Green After Earnings: How to Trade the Stock Now
    TheStreet.com

    Deere Is Seeing Green After Earnings: How to Trade the Stock Now

    Deere & Company rallied to the top of its trading range and is still pushing higher Friday as traders and investors liked the company's latest earnings figures. DE beat expected EPS and revenue numbers handily. In the daily bar chart of DE, below, we can see that prices have quickly responded to the fundamental news and have gapped higher.

  • Benzinga

    Deere Trades higher After Major Q1 Earnings Beat

    Deere & Company (NYSE: DE ) far exceeded the Street’s first-quarter expectations. The company's $1.63 bottom line beat $1.26 consensus estimates, while sales of $7.63 billion surpassed forecasts of $6.42 ...

  • John Deere says farm sector shows 'early signs of stabilization'
    American City Business Journals

    John Deere says farm sector shows 'early signs of stabilization'

    Deere & Co. reported Friday that it saw signs of stabilization in the farm sector in the first quarter of the year. In early Friday trading, shares in Deere were up more than 7 percent, rising more than $12 to around $178.

  • John Deere hopes to break ground in Africa through tractor-hailing tech
    Reuters Videos

    John Deere hopes to break ground in Africa through tractor-hailing tech

    John Deere, the world's leading manufacturer of farm equipment, is teaming up with Africa's "Uber of tractors" - betting on a future where farmers summon machines at the touch of a button. (SOUNDBITE) (English) JOHN DEERE'S HEAD OF AFRICA, JACQUES TAYLOR, SAYING: "We do like to see that every farmer has access to mechanization." The American company is hoping to boost sales of its famous green and yellow tractors on the continent - via Hello Tractor's technology, a small black box allowing farmers to hail tractors, monitor their movements and transmit information such as fuel levels. It's currently being trailed on 400 tractors in Ghana and Kenya - but John Deere plans to offer it to all contractors who buy its equipment in Africa. But the risks are clear: held back by low incomes, tiny landholdings and a lack of bank financing, tractor numbers have long been stagnant on the continent. Jacques Taylor is John Deere's head of sub-Saharan Africa. (SOUNDBITE) (English) JOHN DEERE'S HEAD OF AFRICA, JACQUES TAYLOR, SAYING: "The biggest challenge at this stage is to justify the capital investment in agriculture, and financing linked to that." He argues the new collaboration can help as data pulled from Hello Tractor could be used by farmers - who typically lack credit histories - to secure bank loans. Pascal Kaumbutho, chairman of agricultural services firm Agrimech Africa, agrees. (SOUNDBITE) (English) AGRIMECH AFRICA'S CHAIRMAN AND MANAGING DIRECTOR, PASCAL KAUMBUTHO, SAYING: "It is one thing to walk into a bank and say 'You know. Hey I work very hard.' It's another thing to be able to show it." No loans decisions have yet been made based on such data, but with the continent's population set to double by 2050, increased productivity is a necessity. Outside South Africa, 80% of African cropland is still cultivated by hand and yields are half the global average. Hello Tractor founder Jehiel Oliver sees that as an opportunity. (SOUNDBITE) (English) HELLO TRACTOR FOUNDER, JEHIEL OLIVER, SAYING: "The global average is 200 hundred tractors per 100 square kilometers of arable farm land. Africa averages around eight tractors per 100 square kilometers, Nigeria alone needs 750,000 tractors to be on the global average." John Deere declined to comment on the cost of its tech investment. Africa makes up just a fraction of its annual revenues of around $40 billion - which are dominated by the Americas and Europe.

  • Deere posts profit surprise
    Reuters Videos

    Deere posts profit surprise

    Signs that the hard-hit farming sector is regaining traction helped drive Deere's quarterly profit much higher than analysts expected. That offset weak demand for the company's construction machines. The company known for its green tractors was able to boost that operating profit for its farming business by lifting prices and cutting production costs and warranty expenses. Deere's CEO said confidence in the farming sector has improved, now that the U.S. has reached an interim trade deal with China. That has lifted hopes of a recovery in demand for farm machinery. Under that deal, China agreed to buy another $32 billion in U.S. farm products over two years. That would help Deere because the agriculture business makes up nearly 60% of its revenue. Deere is sticking to its full-year earnings forecast that still calls for a sales decline. But investors cheered the results, pushing Deere shares up sharply in early trading Friday.