- The stock price of Deere & Company (NYSE: DE) increased by 4.75% in the most recent trading session. This is why it happened.
The stock price of Deere & Company (NYSE: DE) — the company that operates John Deere — increased by 4.75% in the most recent trading session. Investors appear to be responding positively to a couple of catalysts.
Sympathy With AGCO
The stock price went up in sympathy with AGCO. AGCO had reported Q4 EPS of $3.08, which was $1.31 better than analyst estimates of $1.77. And the revenue for the quarter was $3.2 billion compared to the consensus estimate of $3.06 billion.
In terms of guidance, AGCO expects FY2022 EPS of $11.50, compared to the consensus of $10.58. And AGCO expects FY2022 revenue of $12.3 billion, compared to the consensus of $11.89 billion. AGCO had increased by 8.95% in the most recent trading session.
Closing Of Kreisel Electric Deal
Investors also responded positively to Deere & Company acquiring majority ownership in Kreisel Electric, which is a leading pioneer in the development of immersion-cooled battery technology. Kreisel Electricis is an Austrian company that manufactures high-density, high-durability electric battery modules and packs for high-performance and off-highway applications and has created a battery-buffered, high-powered charging infrastructure platform (CHIMERO).
This deal was announced in December 2021 and is now complete, following regulatory approval.
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