Deere & Co. slid the most in 14 years after the world's largest manufacturer of agricultural equipment was the latest major US company bruised by supply chain snags and rising inflation. Shares fell 14% Friday, erasing a record $15.7 billion in market capitalization.

Ongoing chip shortages continue to prevent Deere from producing more tractors. Continuing problems with trucking and ocean shipments have forced the company to use more costly air freight. Walmart Inc., Target Corp. and Cisco Systems Inc. this week cut their profit forecasts, stoking a selloff across the stock market.

Cost of fuel, fertilizer and insecticides also on the rise. Russia's invasion of Ukraine has increased the cost of fuel and fertilizer. The cost of electricity has also risen by 2.5 per cent since the start of the year. The price of gas has also increased by 1.4 per cent.
Posted by
Tap to Copy the Short Url to This Post: 
One-Stop Business News backed by Mark Cuban. Free to Use →