Farmers are buying less equipment, which is weighing on Deere. The tractor maker lowered its sales outlook, predicting that the stronger U.S. dollar will hurt sales, already suffering from a slump in machine demand. This as declines in crop prices and cuts in tax incentives make farmers less inclined to buy new gear. Despite the warning, results did top estimates. Shares were up a fraction to $92.43.
Ann Inc., the parent of Ann Taylor, is reportedly working with JP Morgan on a possible sale. This comes after Ann said in a regulatory filing last October that it was reviewing its strategic options. Shares popped almost five percent to $36.76.
Cabot Oil & Gas
Cabot Oil & Gas slashed its capital budget and cut back its production plans for the year amid tumbling energy prices. The company also swung to a loss in the fourth quarter. Still, the stock was up more than one percent to $28.06.
And it was a rough day for shares of Rocket Fuel. The digital ad company’s loss widened sharply in the fourth quarter, as costs surged, offsetting higher revenues. Shares plunged almost 27 percent to $10.82.