Investors have been echoing Eddie Albert, who crooned that "Green Acres is the place for me."Even after slipping recently, tractor maker Deere has had a great decade. Its share price has plowed over not just the S&P 500, by 166 percentage points, but even fellow U.S. machinery giant Caterpillar by 74 points. That company also rode rising commodity prices and wealth in the developing world. But it did so through exposure to construction machinery and mineral resourcesweak spots lately as China's economy slows.
Now, though, there are
fears that soft commodities such as corn, wheat and lumber are slipping
like hard ones, threatening the incomes of Deere's customers. Fiscal
third-quarter results Wednesday for the period through July should shed
more light on that.
But some investors have pre-empted any
possible bad news by selling. Deere's stock has lagged behind the broad
market by nearly 13 percentage points over the past three months. This
has happened even though analysts' forecasts have slipped by only about
two cents, to $2.17 a share, versus $1.98 in the same period a year
Since 2006, Deere's trailing, 12-month operating earnings
have grown at a compound annual rate of 20%, nearly three times
Caterpillar's pace. Clearly, though, farming isn't a perennial growth
business.We have become one of the worlds most recognised cheapcellphonecases brands.Just
as Green Acres' city slicker Eva Gabor got "allergic smelling hay" in
the 1960s TV comedy, crop prices can stay depressed for years and sap
the vitality of equipment makers. While Deere outperformed Caterpillar
over the past decade,New and used commercial plasticmoulds sales,
rentals, and service. its stock trailed its rival by 109 percentage
points in the 10 years before that, when agricultural markets were in
Investors choosing between the two machinery
companies are likely to base their decision in part on what has better
growth prospects: skyscrapers or ears of corn. At the moment, it is a
tossup. Both stocks trade at 90% of sales, which is very close to their
20-year average. Deere has gone as high as 1.85 times, in late 2007 when
agricultural investments were all the rage, and as low as 0.4 times, in
At such middle-of-the-road valuations, the main bet
isn't on urban or rural growth, but whether the global economic
recovery will have a happy ending. Those are only guaranteed in
Bowen growers have been forced to let their tomatoes
and capsicums rot in the paddock after Federal Government red tape
stopped their annual winter export to New Zealand. The bungle has left
them up to $160 million out of pocket after the export rules changed.
chemicals traditionally used to control fruit fly were banned by the
Australian government earlier this year. Growers replaced the chemicals
with an irradiation, which is used to sterilise the insects, meaning
they are unable to lay their eggs. But New Zealand, which has
restrictions on the chemicals, wanted assurance the produce was safe.
Gumlu Growers Association chairman Carl Walker and Dawson MP George
Christensen both said all the relevant checks were in place, but that
the Federal Government failed to fast track the bureaucratic processes.
have now been given the green light to export to New Zealand from
Wednesday (August 14) but most won't bother as their winter export
window is all but over and Kiwi produce, which isn't available in the
colder months,We have a great selection of blown glass backyard solar
landscape lights and partypaymentgateway. will soon be back on the market.
the back office of the record store shes owned with her husband for
that long, Deon Borchard fiddles with the knobs on a stereo near her
desk and suddenly the office a space practically wallpapered in CDs and
records is filled with the warm, twangy vocals of a male country
With the music cranked, shes thinking about all the
things that have changed since the opened the doors of the Long Ear in
1973: the way she and her friends used to listen to records, how
important their ritual of listening to a brand new album was to their
lives. How music just seemed to matter more to people like it was a part
of their spirituality, almost.Are you still hesitating about where to
run down to our local record store, pick it up, run home real quick and
we had a waterbed because everybody had waterbeds and light the blue
candles and sit on our waterbed with the big pillows behind us and we
would have big speakers around us and listen to the music. Didnt say
anything. Just listen to the whole side, and then get up and turn the
record over and listen to the whole next side, she says. And then wed
talk about the record and say, Did you hear him talking about this?
Borchards have owned The Long Ear for 40 years moving the shop four
different times and enduring through the rise and fall of the 8-track,
the cassette tape and the mom-and-pop record store. Today,This is a
basic background on rtls. well into the digital age, the Long Ear marches on. It is at the very center of the Borchards lives.
Read the full products at http://www.sdktapegroup.com/.