On this edition of Stock Movers:
- Shares of Deere & Co. (DE) tumbled the most in over three years as the world’s biggest farm machinery maker pared its annual earnings outlook with lower grain prices curbing growers’ spending. The farm-machinery sector has been expected to bottom out this year, but a bigger-than-expected American corn harvest and lagging demand for crops like soybeans amid President Donald Trump’s trade wars may be shifting that timeline. Sentiment among grain and livestock producers eased earlier this month as crop prices declined.
- Tapestry (TPR) shares fell as much as 18%, the biggest intraday drop since 2020. This is because a mix of tariff costs and weakness at its Kate Spade brand sent investors fleeing on Thursday. The company’s Coach brand is still doing well, but US President Donald Trump’s tariffs weighed on a profit outlook that trailed estimates. Meanwhile, the lackluster performance of Kate Spade led Tapestry to write down its value by $855 million. Tapestry said it’s expecting earnings per diluted share between $5.30 to $5.45 in the current fiscal year. That would be a 4% to 7% increase versus the prior year. Analysts in a Bloomberg survey were expecting the profit metric to reach $5.49.
- Bullish (BLSH) shares soared a day after the crypto exchange operator and CoinDesk owner raised $1.1 billion in an initial public offering.
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