Stock Movers: Deere Plunges, Tapestry Sinks, Bullish Soars on IPO

Deere & Company Stock Decline

• 🚜 Deere & Company (DE) experienced its largest intraday drop since 2022, falling about 6% due to a trimmed full-year net income forecast.
• 📉 Lower grain prices are curbing farmers' spending, leading to customer caution amid ongoing uncertainty, as noted by the company.
• ⚠️ Wall Street analysts pointed to tariff uncertainty as a key factor making farmers hesitant to make large purchasing decisions, such as buying new tractors.
• 📊 Despite the day's losses, Deere's stock remains up approximately 13% for the year, though it saw a significant market cap reduction of about $9 billion.

Tapestry Inc. Stock Drop

• 👜 Tapestry (TPR), parent company of Coach and Kate Spade, saw its shares fall by as much as 14%, the biggest drop since March 2020.
• 💰 The decline was attributed to greater-than-expected profit headwinds from tariffs and a lackluster performance from the Kate Spade brand.
• 📈 While the Coach brand is performing well, especially with Gen Z, Tapestry forecasted a rough year ahead for Kate Spade and its overall EPS forecast missed analyst expectations.
• 🏷️ The company also wrote down the value of Kate Spade by $855 million, impacting its financial outlook.
• 🚀 Despite the recent dip, Tapestry's stock is up nearly 50% year-to-date, suggesting today's drop might be partly profit-taking and high expectations.

Bullish (BLSH) IPO Success

• 🚀 Bullish (BLSH), a crypto company and owner of CoinDesk, saw its shares soar, extending gains from its IPO the previous day.
• 💰 The company raised over $1.1 billion in its initial public offering, with shares initially doubling by over 200% on its debut.
• 📈 Bullish is currently up about 7% and is benefiting from a hot market for crypto companies going public and a strong performance in Bitcoin.
• 📰 Bullish operates a digital asset exchange and owns CoinDesk, a crypto news outlet, tapping into the growing interest in the digital asset space.