Deere earnings beat estimates but outlook downbeat

Deere & Co reported a much smaller-than-expected decline in quarterly earnings on Wednesday after it cut costs and raised prices to compensate for sluggish demand for its agricultural and construction equipment, and its shares jumped more than 10 percent. The outlook "tells you that the global farm recession will continue," Argus Research analyst Bill Selesky said. Net income attributable to Deere fell to $285.3 million, or 90 cents per share, in the fourth quarter ended on Oct. 31 from $351