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At the time of this writing, Deere & Company (DE) was down 0.6% to $75.87. Earlier Wednesday, the farm-equipment concern issued its Q4 report. You can't call the market overjoyed by the news, but at the same time, this isn't a huge drop. Volume, however, was on the strong side.
According to the Associated Press, Deere made $1.07 per share. This statistic was much better than the loss of 53 cents per share that was booked in the year-ago period (it should be noted, though, that, as the actual press release indicates, last year's adjusted fourth-quarter income was 23 cents per share). Wall Street was interested in seeing at least 95 cents per share.
Good fundamental performance. What about the stock?
Well, the 52-week low for the shares is $48.33 while the 52-week high is $79.66. The one-year chart appears to show a nice uptrend.
While I like the technical story, I feel Deere just isn't as cheap as I would like it to be. It's not overly expensive, perhaps, but it simply isn't the value it once was.
Again, Wednesday's action didn't constitute much of a sell-off, but here's a very significant caveat: it's Thanksgiving week, so all price movements are theoretically suspect. Still, after taking everything into account, I'm going to say that now may be the time to take profits. If the stock continues to find support at these levels, then a new position can always be initiated later on.
Disclosure: I don't own any company mentioned; positions can change without notice.
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