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Deere Soars on Farm Economy Hopes
20 Feb
Summary
- Akamai shares dropped 7% on weak earnings outlook.
- Deere shares hit record high, up 44% this year.
- Klarna reported a $241 million pretax loss last year.
In recent market activity, Akamai Technologies (AKAM) shares declined by 7% in extended trading. This downturn followed the software company's release of an adjusted earnings outlook that fell below expectations for both the current quarter and the full year.
Meanwhile, Deere (DEER) experienced a significant surge, with its shares climbing as much as 13% and reaching an all-time high. This rally, the most substantial intraday gain since March 2020, is attributed to the world's largest farm-machinery maker increasing its annual profit forecast, signaling optimism for an agricultural economy upturn.
Payments firm Klarna (KLAR), headquartered in Stockholm, is facing investor skepticism. Despite achieving record revenue, the company reported a pretax loss of $241 million for the past year. Although Klarna reported a pretax profit of $33 million in 2024, its expansion efforts and increased spending on technology and marketing have led to a struggle to convince investors of future profitability.
