UniQure Up 6% On FDA Approval Of Gene Therapy Drug

Deere & Company Sees Higher Sales, Net Income In FY23

Deere & Company (DE) said the company expects fiscal 2023 net income attributable to Deere & Company in a range of $8.0 billion to $8.5 billion. The company’s forecast also calls for higher sales in fiscal 2023.

John May, CEO, said: “Deere is looking forward to another strong year in 2023 based on positive farm fundamentals and fleet dynamics as well as an increased investment in infrastructure.”

The company said its fourth-quarter net income increased sharply on net sales gain of 40%, demonstrating strong execution in face of continued supply-chain constraints.

Net income was $2.246 billion for the fourth quarter or $7.44 per share, compared with net income of $1.283 billion, or $4.12 per share, prior year. Analysts on average had expected the company to earn $7.11 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Worldwide net sales and revenues increased 37 percent, to $15.536 billion, for the fourth quarter of fiscal 2022.

Fiscal 2022 net income attributable to Deere & Company was $7.131 billion, or $23.28 per share, compared with $5.963 billion, or $18.99 per share, last year. Worldwide net sales and revenues rose 19 percent, to $52.577 billion, for the full year.

Shares of Deere & Company were up nearly 4% in pre-market trade on Wednesday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

U.S. Business Inventories Rise Slightly Less Than Expected In September

The Commerce Department released a report on Wednesday showing U.S. business inventories increased by slightly less than expected in the month of September.

The report said business inventories rose by 0.4 percent in September after climbing by an upwardly revised 0.9 percent in August.

Economists had expected inventories to increase by 0.5 percent compared to the 0.8 percent advance originally reported for the previous month.

Wholesale inventories climbed by 0.6 percent, while retail inventories rose by 0.4 percent and manufacturing inventories inched up by 0.2 percent.

Meanwhile, the report showed business sales crept up by 0.2 percent in September after rising by 0.3 percent in August.

While wholesale and manufacturing sales rose by 0.4 percent and 0.2 percent, respectively, retail sales edged down by 0.1 percent.

With inventories and sales both rising, the total business inventories/sales ratio was unchanged from the previous month at 1.33.

Steakholder Foods Ltd. Q3 Loss Drops

Steakholder Foods Ltd. (STKH) announced Loss for third quarter that decreased from last year

The company’s bottom line came in at -$2.475 million, or -$0.017 per share. This compares with -$3.972 million, or -$0.032 per share, in last year’s third quarter.

Steakholder Foods Ltd. earnings at a glance (GAAP) :

-Earnings (Q3): -$2.475 Mln. vs. -$3.972 Mln. last year.
-EPS (Q3): -$0.017 vs. -$0.032 last year.

Deere & Co. Gains On Spike In Q4 Results, Outlook

Deere & Co. (DE) shares are trading higher on Wednesday morning after the company reported fourth-quarter earnings that climbed 75 percent from last year on 37 percent surge in revenues. The company projects revenue growth for the full year 2023.

DE recorded fourth-quarter earnings of $2.246 billion or $7.44 per share, up from $1.283 billion or $4.12 per share last year.

Revenue for the quarter increased to $15.536 billion from $11.327 billion a year ago.

Looking ahead to the full year 2023, the company expects earnings in a range of $8 to $8.5 billion.

Currently, shares are at $446.19, up 7.11 percent from the previous close of $416.56 on a volume of 1,228,684.

Opening Bell Analyst Calls Briefing for Wednesday, November 23, 2022\u00a0

This report was sent to Briefing.com subscribers earlier today. 

Upgrades:

> Glencore Intl plc (GLCNF) upgraded to Outperform from Mkt Perform at Bernstein

> Vale S.A. (VALE) upgraded to Buy from Hold at Deutsche Bank

> Warner Music Group (WMG) upgraded to Neutral from Underperform at BofA Securities; tgt $33

Downgrades:

> First Quantum Minerals (FQVLF) downgraded to Mkt Perform from Outperform at Raymond James

> Victory Capital (VCTR) downgraded to Underweight from Overweight at Piper Sandler; tgt lowered to $29

Others:

> Jack In The Box (JACK) removed from Best Ideas List at Wedbush Securities

> West Fraser (WFG) initiated with a Neutral at Credit Suisse; tgt $100

Research calls posted earlier this morning are available here and here.  

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UniQure Up 6% On FDA Approval Of Gene Therapy Drug

Shares of gene therapy company uniQure N.V. (QURE) are rising 6 percent on Wednesday’s trading continuing their upward movement since the past few days.

The stock has been positively impacted by news of uniQure’s partner, global biotechnology leader CSL receiving approval from the U.S Food and Drug Administration for HEMGENIX (etranacogene dezaparvovec-drlb), which is a one-time gene therapy for the treatment of adults 18 years of age and older living with hemophilia B.

Currently at $24.30, the stock has traded between $12.52 and $30.41 during the past 52 weeks.