Stocks are being repriced across the board as the sell-off on Wall Street intensifies. Technology companies, especially unprofitable and richly valued names, have been hit hardest. Yet even companies that boast sales growth and rising profits have not been spared.
Deere, the US tractor maker, turned in a solid performance on Friday. It overcame supply chain challenges to report an 11 per cent rise in sales and a 17 per cent increase in net income for its fiscal second quarter.
Better still, it raised its full-year profit outlook. It forecasts that demand for farm equipment will continue to benefit from “positive fundamentals” despite the cost pressures that many American farmers are facing.
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