Markets
markets
Max Knoblauch

Deere drops as tariffs and a weak profit forecast weigh down a Q4 sales beat

A sales and profit beat weren’t enough to stem Deere investors’ tariff unease on Wednesday, when the company dropped its fourth-quarter earnings report. Deere shares slipped about 4% in premarket trading.

Deere posted adjusted earnings of $3.93 per share, beating the $3.84 estimate from Wall Street analysts polled by FactSet. The company also said it expects full-year 2026 profit to land between $4 billion and $4.75 billion. Wall Street expected more than $5 billion.

According to CEO John May, “ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain” and 2026 will “mark the bottom of the large ag cycle.” May said he believes the company’s cost-control efforts will allow it to seize opportunities as the market recovers.

In its fourth quarter, Deere also:

  • Booked $12.4 billion in total revenue, beating expectations by more than 5%.

  • Logged a 27% net sales jump in its construction and forestry division. However, the company said tariffs were a headwind for the division's operating profits.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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