Group 1 - The State Intellectual Property Office of China has granted Deere & Company a patent for a "series wheel assembly with counteracting pressure center pivot" [1] - The patent authorization announcement number is CN114347722B, and the application date was August 2021 [1]

迪尔公司首席财务官Joshua Jepsen将辞去公司职务，到霍尼韦尔公司航空航天部门担任同样的职务，这 标志着他在这家农用设备制造商长达二十多年的职业生涯即将结束。迪尔在周四提交的一份文件中宣布 该消息，并任命Ryan Campbell为临时财务总监，直到公司找到永久继任者。另外，霍尼韦尔表示，由 于其航空航天业务正努力应对成本上升和关税压力，该公司任命Jepsen从2月23日起担任该部门的首席 财务官。该部门计划于今年下半年分拆，之后将成为一家独立的上市公司。 ...

Core Insights - Deere & Co's chief financial officer, Joshua Jepsen, will resign from the company to take the same role at Honeywell's aerospace unit, ending a career of over two decades at Deere [1] Company Summary - Joshua Jepsen has been with Deere & Co for more than 20 years, indicating a significant leadership change within the company [1] - The transition of Jepsen to Honeywell's aerospace unit may impact Deere's financial strategies and operations moving forward [1] Industry Summary - The departure of a long-serving CFO like Jepsen could signal potential shifts in the agricultural equipment industry, particularly in how companies manage financial operations and strategic direction [1]

Core Viewpoint - Deere & Company is positioned as a leader in the agricultural sector, leveraging AI and automation to enhance farming efficiency, while FMC faces significant challenges due to declining demand for agricultural chemicals [1][10][11]. Group 1: Deere & Company Overview - Deere & Company, commonly known as John Deere, has been a significant player in agriculture since its founding in 1837, providing a wide range of farming equipment [3]. - The company is innovating with digital tools, AI, and autonomous driving technology to improve farming practices [4][8]. - In 2023, Deere's smart sprayers demonstrated a 50% reduction in water and chemical use, an 87% reduction in airborne drift, and a 93% reduction in chemical runoff during testing on 1 million acres [6][7]. Group 2: Financial Performance of Deere - Despite a challenging year in 2025, where net sales and revenue decreased by 12% and net income fell by 29%, Deere maintains a net income margin of 11% and has increased its dividend by 113% since 2020 [8][9]. - For Q4 2025, Deere reported an 11% increase in net sales and revenue, indicating a recovery trend as it continues to invest in technology [9]. Group 3: FMC Overview - FMC specializes in developing and producing pesticides and other agricultural chemicals, but is currently facing severe financial difficulties [11]. - In Q3 2025, FMC reported a 49% decline in revenue, dropping from over $1 billion to $542 million, and a net income loss of $569 million compared to a profit of $66 million in Q3 2024 [13][14]. Group 4: Financial Performance of FMC - FMC's earnings per share plummeted from $0.52 in Q3 2024 to a loss of $4.52 per share in Q3 2025, reflecting the company's struggles [13]. - The company's free cash flow is projected to decline from $614 million in 2024 to a loss of $100 million in 2025, coinciding with the rise of technologies that reduce pesticide use [14].

Core Viewpoint - The new food pyramid may have unexpectedly boosted Deere stock on Thursday [1] Group 1 - The introduction of the new food pyramid is seen as a positive development for the agricultural sector [1] - Deere's stock performance indicates a potential market reaction to changes in food consumption patterns [1]

Group 1 - Deere & Company announced an agreement to acquire Tenna, a construction technology firm, to enhance equipment tracking and jobsite efficiency, with the deal expected to close in February 2026 pending regulatory approval [1] - BMO Capital Markets maintained a Market Perform rating on Deere & Company with a price target of $460, reflecting confidence in the company's ambitious five-year targets [2] - The company aims for earnings per share of $40 to $45 by fiscal 2030, supported by a 10% compound annual revenue growth rate and 20% margins, with projected sales of $63 billion by 2030 [3] Group 2 - Analysts predict that if Deere achieves its revenue and earnings targets, the stock's valuation could rise to between $600 and $700, supported by a strategy focused on North American excavators and agricultural innovation [4] - Jefferies analyst raised the stock's price target to $475 from $440 while maintaining a Hold rating, in response to the company's sharpened 2030 framework [5] - Deere & Company is known for its John Deere brand and focuses on technology like AI and robotics for precision farming, while also providing financial services and reducing fertilizer use through precision tools [6]

Core Viewpoint - Deere's upcoming earnings release is anticipated to show a significant year-over-year decline in earnings per share, despite an expected increase in revenue [2][3]. Financial Performance - Deere's stock closed at $475.20, reflecting a decrease of 2.22% from the previous day, underperforming the S&P 500's loss of 0.34% [1] - Over the past month, Deere's shares increased by 4.99%, outperforming the Industrial Products sector's gain of 3.18% and the S&P 500's gain of 1.19% [1] - The projected earnings for the upcoming report are $1.9 per share, indicating a year-over-year decline of 40.44%, while revenue is expected to be $7.6 billion, representing an 11.67% increase from the same quarter last year [2] - Full-year estimates predict earnings of $17.51 per share and revenue of $39.99 billion, reflecting year-over-year changes of -5.35% and +2.77%, respectively [3] Analyst Insights - Recent revisions to analyst forecasts for Deere are crucial as they indicate changing business trends, with positive revisions seen as a favorable sign for the company's outlook [3] - The Zacks Rank system, which evaluates estimated changes, currently ranks Deere at 3 (Hold), with a recent 0.85% decrease in the consensus EPS estimate over the last 30 days [5] Valuation Metrics - Deere's Forward P/E ratio stands at 27.76, which is a premium compared to the industry average of 19.15 [6] - The PEG ratio for Deere is 1.86, aligning with the average PEG ratio of the Manufacturing - Farm Equipment industry [6] Industry Context - The Manufacturing - Farm Equipment industry is part of the Industrial Products sector and currently holds a Zacks Industry Rank of 211, placing it in the bottom 14% of over 250 industries [7] - The Zacks Industry Rank indicates that the top 50% of rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - Deere & Company has applied for a patent for an electric drive system designed for work vehicles, indicating a focus on enhancing efficiency in power transmission and vehicle control [1]. Group 1: Patent Details - The patent, titled "Electric Drive System for Work Vehicles with Integrated Busbar and Internal Protective Components," was published under CN121224407A and filed on April 2025 [1]. - The electric drive system includes electric machines and inverters that provide power and control vehicle driving functions [1]. - A key feature of the system is the integration of a busbar that connects the first conductor of the electric machine to the second conductor of the inverter, facilitating efficient power transmission [1]. Group 2: Design Features - The busbar's ends are securely coupled to corresponding conductors housed within separate casings [1]. - An internal protective component is designed to provide a fluid-tight seal between the casings, preventing any fluid transfer between them [1].

Core Insights - The Procure Space ETF (NASDAQ:UFO) is the only pure-play space ETF in the United States, focusing on companies with direct exposure to the space industry, which may gain attention in 2026 if a SpaceX IPO occurs [1][3] - Procure Holdings emphasizes its pure-play focus as a key differentiator from other space-themed ETFs, such as the Ark Space & Defense Innovation ETF (BATS:ARKX), which includes companies with lower direct exposure to space [2][3] Company Focus - Approximately 80% of the companies in the Procure Space ETF derive the majority of their revenue from space-related businesses, activities, and services, highlighting the fund's commitment to true space companies [3][4] - The Procure Space ETF aims to provide investors with direct exposure to companies that are actively generating revenue from space, distinguishing itself from broader funds that may include companies with only peripheral connections to the space sector [4][5] Comparison with Competitors - The Ark Space & Defense Innovation ETF includes companies with significant ties to adjacent sectors, such as defense and eVTOLs, which contrasts with the Procure Space ETF's focus on pure-play space companies [2][7] - Both ETFs share Rocket Lab and Trimble in their top 10 holdings, but the Ark fund has a greater emphasis on defense-related companies and other sectors, indicating a broader investment strategy [6][8] Top Holdings - The top 10 holdings of the Procure Space ETF are not detailed in the provided content, but the focus remains on companies that primarily operate within the space industry [5] - The Ark Space & Defense Innovation ETF's top holdings include Rocket Lab (8.9%), L3Harris Technologies (8.3%), and Kratos Defense & Security (7.8%), showcasing its diverse investment approach [6][8]

Core Viewpoint - Deere's recent earnings report showed a mixed performance, with earnings per share missing estimates and a decline in net income, while net sales increased year over year, indicating potential challenges ahead for the company [2][11]. Financial Performance - Fourth-quarter fiscal 2025 earnings were $3.93 per share, missing the Zacks Consensus Estimate of $3.96, and decreased 14% from the prior year [2]. - Net sales of equipment operations reached $10.6 billion, up 14% year over year, surpassing the Zacks Consensus Estimate of $9.99 billion [3]. - Total net sales, including financial services, were $12.4 billion, an 11% increase year over year [3]. - The cost of sales rose 21% year over year to $7.94 billion, leading to a total gross profit decrease of 2.7% to $4.45 billion [4]. Segment Performance - Production & Precision Agriculture segment sales increased 10% year over year to $4.74 billion, but operating profit decreased 8% to $604 million due to higher production costs [5]. - Small Agriculture & Turf sales rose 7% to $2.46 billion, but operating profit plummeted 89% to $25 million, impacted by higher warranty expenses and tariffs [6]. - Construction & Forestry sales were $3.38 billion, up 27% year over year, with operating profit increasing 6% to $237 million [7]. - Financial Services division revenues were $1.55 billion, up 2% year over year, with net income rising to $293 million from $173 million in the prior year [8]. Cash and Debt Position - Cash and cash equivalents at the end of fiscal 2025 were $8.28 billion, up from $7.32 billion at the end of fiscal 2024 [9]. - Cash flow from operating activities was $7.5 billion in fiscal 2025, down from $9.23 billion in the prior fiscal year [9]. - Long-term borrowing increased to $43.5 billion from $43.23 billion at the end of fiscal 2024 [9]. Fiscal Guidance - For fiscal 2026, Deere expects net income between $4.00 billion and $4.75 billion, with varying projections for different segments [12]. - Production & Precision Agriculture sales are expected to decrease by 5-10%, while Small Agriculture & Turf sales are projected to rise by 10% [12]. Estimate Trends - Since the earnings release, there has been a downward trend in estimates, with the consensus estimate shifting down by 27.39% [13]. VGM Scores - Deere has a Growth Score of B but lags in Momentum with an F, resulting in an aggregate VGM Score of C [14]. Outlook - The overall trend in estimates has been downward, leading to a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [15].