Shares of Deere & Co (NYSE:DE) are up 7.1% to trade at $621.93 at last check, after the farm machinery name posted blowout fiscal third-quarter earnings of $5.10 per share on revenue of $12.61 billion, besting expectations. The company also hiked its full-year net income outlook.
DE is headed for its highest close since late July and best daily performance since February. The equity sports a 33% year-to-date lead and is bouncing off yesterday's pullback to $580.
Analysts have yet to chime in after the event and are split on the farming stock. Eleven of the 24 brokerages in coverage sport a "hold" recommendation, and an unwinding of these bearish sentiment could fuel more gains.
Options traders also have room for optimism. This is per DE's 10-day put/call volume ratio of 1.86 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 99th annual percentile of its annual range.
Today, 3,126 calls and 2,071 puts have crossed the tape so far. This is triple the average intraday rate, with the January 15, 2027 680-strike call seeing the most attention.
