Shares of Deere & Company (NYSE: DE) plunged about 4.50% by afternoon trade on Wednesday after the farms equipment manufacturer provided downbeat outlook for the second half of the current year.The Company now expects full-year sales to grow by 5% down from earlier guidance of 6%. The Company however handed better-than-expected adjusted earnings and revenue for the fiscal second quarter. For the fiscal second quarter ended April 30, Deere & Company posted net income of $1.08 billion or $2.76 a share compared to a profit of $1.06 billion or $2.61 a share, in the year-earlier quarter. Revenue rose 9% to $10.91 billion. Analysts’ consensus estimate was for earnings of $2.72 a share on revenue of $9.85 billion.
Google Inc. (NASDAQ: GOOG) climbed about 2.50% and crossed $900 mark on Wednesday after a technology bog, The Verge quoted sources familiar with the matter as saying that the search engine giant has entered in a licensing agreement with Universal Music Corp and Sony Music Entertainment to start subscription based music service. The move will allow Google to gain traction in fast growing music streaming business and counter the rise of start-up Spotify. The Verge said that Google could announce its stareming business on Wednesday, when the Company kicks off its annual developers’ symposium.
Shares of Computers Sciences Corporation (NYSE: CSC) slumped about 11.50% by afternoon trade. Although the Company said that it swung into fiscal fourth quarter profit, revenue fell short of expectation. The Bottom line was boosted by lower operating expenses and a tax benefit. For the quarter ended March 29, the Company posted a net income of $281 million or $1.81 a share compared to a loss of $158 million or $1.02 a share, in the year-earlier quarter. Stripping out onetime items such as tax benefit, gains arising from a sale of an asset, and restructuring costs, non-GAAP earnings stood at $1.27 a share. Earlier in February the Company projected earnings to come in the range of 83 cents to $1.03 a share. Revenue for the period fell 7.3% to $3.7 billion while analysts polled by Thomson Reuters were expecting revenue of $3.85 billion.
Shares of SunPower Corporation (NASDAQ: SPWR) rallied about 15% by afternoon trade after the solar products and services provider provided better-than-expected full-year revenue and earnings outlook.
For the full-year fiscal, the San Jose Calif. based Company, expects revenue to be in the range of $2.6 billion to $2.7 billion while analysts’ consensus estimate was for $2.57 billion, according to a data compiled by Bloomberg. In the same quarter of last year, the Company reported revenue of $2.42 billion. Full year adjusted earnings are expected to be in the range of 60 cents to 80 cents a share while analysts’ most recent consensus forecast was for 64 cents a share. For the fiscal second quarter, the Company is expecting earnings of 5 cents to 15 cents a share against analysts’ consensus of loss for 2 cents a share.
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