Diamonds and Dogs
Deere (DE) running strong. The construction-equipment maker blew out estimates making 90 cents a share, 51 cents better than expectations. Revenues did fall 4.8% year over year to $5.65 billion. Global farm recession, weak construction-equipment markets lead to lower sales and earnings for fourth quarter and full year. Industry sales for agricultural equipment in the U.S. and Canada are forecast to be down 5 to 10 percent for 2017. Management said their forecast continues to represent a standard of performance that is considerably higher than in earlier downturn.
LLY Eli Lilly (LLY) not that sunny. The drugmaker is down 15% to a multiple year low on news that its highly anticipated Alzheimer's drug solanezumab did not meet the primary endpoint in the EXPEDITION3 clinical trial. Lilly will not pursue regulatory submissions for solanezumab for the treatment of mild dementia due to Alzheimer's disease, but will work with investigators to appropriately conclude the open-label extensions for EXPEDITION, EXPEDITION2 and EXPEDITION3. The next steps for the remaining elements of the solanezumab development program have not yet been determined.
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