Agricultural machinery maker Deere & Co. and the United Auto Workers union have reached a third tentative contract agreement that could end a strike at the company that began Oct. 14. The decision is subject to a vote from employees The UAW said it will present Deere's best and final offer to employees for a ratification vote. The third tentative agreement includes modest modifications to its...
Energy & Transportation business rose +20% to $4.98 billion, exceeding analysts’ expectations of $4.42 billion.Revenue from the Resource Industries segment increased +41% to $2.58 billion, beating expectations of $2.27 billion
Caterpillar Inc. reported its first quarter earnings that surpassed analysts’ expectations, on the back of solid construction sales.
The construction equipment company’s adjusted earnings for the three months ending in March increased +48% from the year-ago quarter to $2.87 per share, well ahead of the Street consensus forecast of $1.94 per share.
Revenues climbed +12% year-over-year to $11.9 billion, which also exceeded analysts' estimates of $11.1 billion.
Construction sales rose +27% year-over-year to $5.46 billion in the quarter.Resource, energy and transportation sales increased +6.5% to $2.216 billion.
There was a -1% decrease in rolling three-month sales in North America. Nevertheless, Latin American sales for the rolling three-month period rose +54%, while world machines sales were up +13%.
Nikola shares got an almost 50% price target cut from Wedbush analyst Dan Ives.
Ives slashed his price target on the electric truck maker’s shares to $13 from $25.
According to Ives, “much of the Street hype around the Nikola story has been taken out with the slimmed down General Motors partnership (no ownership stake), sunsetting the Badger product line, and toning down general expectations over the next 12 to 18 months.”
The analyst argued that despite Nikola’s potential, there are concerns that the execution and timing of the company’s “ambitious goals” stay on track over the coming years.
Nikola has filed to sell $100 million worth of shares in a secondary offering. The proceeds from the stock sale will be used for general corporate purposes, such as potentially providing funds to complete the company's Arizona manufacturing facility, and for developing electric and fuel cell commercial and hydrogen-station infrastructure. Last month, Nikola revealed details about its hydrogen...
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1) Facebook (ticker: FB)
In July, Tickeron's A.I.Depending on who gives up first—buyers or sellers—the price can breakout in either direction.
Once the price breaks out from the top pattern boundary—as identified in the chart as “Breakout”— traders should consider trading with the up-trend.
On Monday, electric vehicle-technology company Ideanomics announced that its Mobile Energy Global unit and contractor Qingdao Chengyang Medici have signed a deal with Meihao Chuxing (a joint venture between China's BYD and Didi) to buy an initial 2,000 ride-hailing units of model BYD D1 electric vehicle.
According to Ideanomics, the vehicles are intended to be deployed in multiple cities within China.It expects deliveries to start in the first half of 2021.
The BYD D1 was launched in November, and has a range of 418 km, or 260 miles, and can reach top speeds of 130 km an hour, or 81 miles an hour.
The agreement is backed by a "viable government subsidy program, Ideanomics stated in a press release.
Nikola shares got a price target cut from analysts at J.P. Morgan.
J.P.Morgan analysts slashed their price target on the electric carmaker’s shares to $35 from $40 per share.
The investment bank mentioned that it identified execution risks for Nikola following General Motors’ decision in November to sign a memorandum of understanding with the company that was smaller in scale than investors had previously anticipated. General Motors will provide its hydrotec fuel cell system for Nikola's Class 7 and 8 semi-trucks, but not under the exact same terms as announced earlier.
Nevertheless analyst Paul Coster still expects Nikola's news cycle "to be less drama-filled and to turn generally positive," according to TheFly.
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Hindenburg said it has evidence from phone calls, text messages and emails that reveals many false statements from the company's founder and CEO Trevor Milton.(according to Hindenburg).
"Trevor has managed to parlay these false statements made over the course of a decade into a ~$20 billion public company," Hindenburg wrote.
The maker of agricultural machinery also boosted its full-year outlook.
Deere’s adjusted earnings for the three months ending August 2 came in at $2.57 per share, compared to analysts’ expectation of $1.25 per share.The figure is, however, -8.5% lower from the same period last year.
Revenues fell -11% year-over-year to $8.925 billion, exceeding analysts' forecasts of $6.703 billion.
Looking ahead, the company’s outlook into the end of the 2020 fiscal year sees worldwide agriculture and turf equipment sales declining -10% from last year's levels, a less pessimistic outlook than its prior guidance.
Nikola got a rating upgrade from J.P. Morgan .
Analyst Paul Coster boosted rating on the hybrid truck design/manufacturing company's shares to overweight from neutral.Coster affirmed his price target at $45.
According to Coster, after a 40% month-to-date decline in July, the stock is beginning to look attractive for long-term investors ahead of a "number of potential positive catalysts in coming weeks and months.
Deere & Co. posted second quarter sales that surpassed estimates.The company however warned of a possible blow to full-year sales amid global coronavirus pandemic.
The agricultural equipment maker’s diluted earnings for the three months ending on May 3, came in at $2.11 per share, down -40% year-over-year.
Revenue dropped -18% year-over-year to $9.253 billion, but beat the Street forecast of $7.7 billion.
Looking ahead, Deer projects fiscal 2020 net income in the range of $1.6 billion to $2 billion.
The company anticipates global agriculture and turf equipment sales to fall between -10% to -15% in 2020 fiscal year, and construction and forestry equipment sales to plunge by as much as -40%.
Deere & Co. beat fourth quarter earnings expectations, but warned about a potential slide in construction and agricultural equipment sales in the coming financial year amid trade uncertainty.
The agricultural, construction, and forestry equipment maker’s adjusted earnings for the three months ending in October came in at $2.14 per share, one penny ahead of analysts’ expectations.The figure, however, was -11.6% lower from the year-ago quarter.
Net revenues increased +5% to $9.896 billion, surpassing analysts' forecast of $8.43 billion.
Looking ahead, Deere projects fiscal 2020 full-year agricultural equipment sales to fall between -5% and -10%, and construction equipment sales to decline by as much as -15%.
CEO John May indicated that trade tensions along with a year of challenging growing and harvesting conditions have led to many farmers becoming cautious about making major investments in new equipment.
End-user demand turned out to be lower than anticipated.
Sales at each of Construction Industries, Resource Industries, Energy & transportation, and Other segments declined by -7%, -12%, -2%, and -2% respectively from the prior year quarter.
For the fourth quarter, Caterpillar is expecting end-user demand to remain flat on global economic uncertainty.
For the full-year 2019, Caterpillar lowered its projection of adjusted earnings per share to a range of to $10.59-$11.09, from the prior guidance of $11.75-$12.75.
The company also lowered guidance on its full year sales and profit.
The farm equipment maker’s earnings in the quarter increased +4.6% year-over-year to $2.71 per share, but fell short of the Street estimate by 13 cents.
But total revenues climbed +3% from last year to $10.03 billion – beating analysts' forecasts of $9.38 billion.
Looking ahead, Deere expects its full-year 2019 equipment sales to increase + 4% - which is below its prior forecast of around +5%.The company now predicts that its net income would come in at $3.2 billion, down from the company's earlier guidance of $3.3 billion.
CEO Sam Allen indicated that trade tensions continue to weigh on the agriculture industry and therefore on Deere’s earnings prospects.
Industrial companies and metals producers reliant on Chinese demand bounce off opening losses but remain sharply lower following Pres.Trump's latest tariff threat.
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U.S.makers of bulldozers and other heavy equipment are raising prices, losing sales and in some cases beginning to trim workers in response to the Trump administration’s protracted trade disputes with various countries, according to a new report.
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Terex Corp.’s shares climbed +3% on Monday, after the company reported fourth quarter earnings that edged past Wall Street estimates.
The manufacturer of utility trucks and tower cranes raked in earnings of 51 cents per share in the fourth quarter, beating Zacks consensus estimate of 46 cents a share.The earnings per share was also higher from the year-ago quarter's figure, by a solid + 55%.
The company’s revenue for the quarter increased +16% year-over-year to touch $1.23 billion – which is higher than analysts’ estimate of $1.2 billion (based on Zacks survey of analysts).
UQM Technologies Inc., a developer of alternative energy technologies, on Tuesday announced its definitive merger with Danfoss Power Solutions, a wholly-owned subsidiary of Denmark-based Danfoss A/S.
Under the terms of the deal, Danfoss is all set to acquire all outstanding common shares of UQM for $1.71 per share, valued at approximately $100 million including UQM’s debt in an all-cash deal.This merger would mean that UQM will become part of the Danfoss Power Solutions segment, which is a leading player in hydraulic systems and components for powering off-highway machinery.
This all cash deal, according to Danfoss, would be entirely funded by internal cash and represents a premium of ~52.5% over UQM’s closing share price on January 18, and a 71.4% premium to its weighted average trading price over the trailing 60 days.
The Boards of Directors of both UQM and Danfoss, as well as other shareholders of UQM, have unanimously approved the acquisition.
Stocks rose on Thursday on the back of a report that said the U.S. could ease tariffs on Chinese goods during their trade negotiations with China.Read More...