Published on 23 Nov 2022 on MarketWatch
Deere stock leaps as strong demand and higher prices lead to earnings beat, positive outlook
Shares of Deere & Co. plowed higher Wednesday, after the maker of agriculture, construction and forestry equipment reported blowout fourth-quarter results and an upbeat full-year outlook boosted by continued strong demand, higher pricing and promising spending on infrastructure.
The stock shot up 5.2% in afternoon trading, enough to pace all of the S&P 500 index’s gainers. It traded up as much as 7.6% to an intraday high of $448.40 — above the April 18, 2022, record close of $438.45 — before paring back some gains.