Company News

BUZZ-Deere & Co: Drops as slowing demand hurts earnings

** Tractor maker’s shares drop 2.7 pct to $134.79, top pct loser among S&P 500 constituents trading premarket

** Posts Q4 profit below expectations, hurt by slowdown in demand

** Deere says quarter impacted by “unfavorable currency translation”, which had a negative effect of 7 pct on net sales outside U.S. and Canada

** Deere misses bottom line estimates for the third straight quarter, per IBES data from Refinitiv

** U.S.-listed shares of London-based peer, CNH Industrial N.V., drop 0.2 pct premarket

** Shares of Deere have fallen 11.5 pct this year, steeper than the VanEck Vectors Agribusiness ETF’s ~2 pct drop and the S&P 500’s 1.2 pct dip (Reporting by Shreyashi Sanyal in Bengaluru)