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Deere Plows Through Wall Street’s Estimates

8:50am (EST)

The bulls started the week with a win after better-than-expected corporate and economic news on Tuesday.  The Dow finished with a triple-digit gain, up 169 points, and closed at 10,268.  The S&P 500 closed at 1,094, up 19, while the Nasdaq added 31 points to settle at 2,214.

Dow futures are up big this morning as the Asian markets have already put in a good day.  The index futures are up 44 points before the bell.  The S&P 500 futures are higher by 6 as that index looks to take out the 1,100 level.

The Nasdaq 100 futures are also showing a pop and are up 8 points as we head towards the open.

In earnings news, Deere (DE, $53.78, up $0.67) blew away Wall Street this morning as the company reported a profit of $243 million, or $0.57 a share, versus $204 million, or $0.48 a share, in the year ago quarter.

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Revenue came in at $4.2 billion, down from $4.6 billion, but Deere upped its 2010 guidance which is what we were hoping for.  The company put the icing on the cake after projecting equipment sales to be up 6% to 8% for the year. 

The earnings surprise was jaw-dropping as Wall Street expected Deere to report earnings of $0.19 a share on sales of $4.1 billion. 

Our channel checks indicated the company would have a blowout quarter but even we are surprised on how much they beat forecasts.  We had penciled in 25 cents a share for earnings but they DOUBLED that!

As a result, the stock is trading near $58 in pre-market trading.

Another stock that is also enjoying a higher open this morning is Whole Foods Market (WFMI, $30.52, up $0.77).  Shares are trading near $33 after the company also beat Wall Street’s estimates. 

We covered both Deere and Whole Foods Market in our Members Area yesterday and made Deere an official recommendation by 11am.  We sent out a trade alert after doing more research.  Both trades should do rather well this morning as the returns could be greater than 100% for each.

We provide details on how to protect profits and play Deere from here on out in the Members Area.  Current subscribers, check for the updates.

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This entry was posted on Wednesday, February 17th, 2010 at 8:55 AM and is filed under Company Commentary, Earnings, Market Analysis, Market Commentary, Option Trades, Strategies, Trading Psychology, Trading Tips. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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