Deere & Company closes lower despite Q1 earnings beat

Yahoo Finance Live's Seana Smith discusses the drop in Deere & Company shares despite its positive outlook after beating Q1 earnings expectations.

Video transcript

SEANA SMITH: Also another big mover today and that is Deere. The stock closing the day in the red here, off just about 2%. The maker of tractors and other farming equipment upping its profit outlook for the fiscal year also beat the street's estimates for both revenue and earnings. But we did see Deere shares give up some of their earlier gains here after there were some concerns out there on the street that maybe the performance that we are seeing could be as good as it gets. And we'll potentially see a decline as we look out to the remainder of the year.

AKIKO FUJITA: Yeah, I mean, this is one of those bellwethers that we look to in terms of-- especially within the sector where things are moving. If you look at the broader slowdown, the fact that they raised their guidance, certainly a promising sign. But interesting to see where the stock moved today on the back of some of those announcements.