Deere, Snowflake Under Pressure: After-Hours Movers
Monday, Sep 23, 2024 5:16 pm ET
1min read Deere & Company (NYSE: DE) and Snowflake (NYSE: SNOW) have been under pressure in the after-hours trading sessions, with both stocks experiencing significant declines. As of 4:00 PM ET, Deere was down by 5.2% to $408.95, while Snowflake had fallen by 7.5% to $135.30. The reasons behind these moves are multifaceted and can be attributed to various factors.
Deere & Company, a leading manufacturer of agricultural, construction, and forestry equipment, reported third-quarter net income of $1.734 billion, or $6.29 per share, compared to $2.978 billion, or $10.20 per share, in the same period last year. The company's net sales and revenues decreased by 17% and 11% year-over-year, respectively. Despite the strong ag margins, the company's overall performance was negatively impacted by weak global agricultural and construction fundamentals.
Geopolitical tensions and trade disputes have also impacted Deere's supply chain and stock price. The ongoing trade disputes between the United States and China have created uncertainty in the global agricultural market, affecting Deere's sales and profitability. Additionally, the recent geopolitical tensions in the Middle East have disrupted the supply of certain raw materials used in the production of Deere's equipment.
Deere & Company, a leading manufacturer of agricultural, construction, and forestry equipment, reported third-quarter net income of $1.734 billion, or $6.29 per share, compared to $2.978 billion, or $10.20 per share, in the same period last year. The company's net sales and revenues decreased by 17% and 11% year-over-year, respectively. Despite the strong ag margins, the company's overall performance was negatively impacted by weak global agricultural and construction fundamentals.
Geopolitical tensions and trade disputes have also impacted Deere's supply chain and stock price. The ongoing trade disputes between the United States and China have created uncertainty in the global agricultural market, affecting Deere's sales and profitability. Additionally, the recent geopolitical tensions in the Middle East have disrupted the supply of certain raw materials used in the production of Deere's equipment.
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