GRAIN HIGHLIGHTS: Top Stories of the Day
UPDATE: These U.S. machinery stocks have rallied up to 50% this year
CNH is plowing ahead, but we have some lingering concerns.
After several strong years of U.S. and Canadian machinery purchases, growth rates look to slow.
We think the market is too focused on near-term farm equipment headwinds and not enough on a cyclical European trucking upturn.
Although ag machinery manufacturers may reap weaker 2014 results, we think Deere's narrow moat is intact.
We are concerned about a slow start to U.S. light-vehicle sales this year, but we expect improvement once the cold abates.
Following Cat's fourth-quarter results, in line with our forecast, our fair value estimate remains $94.
There are many different types of emerging-markets bonds.
The sector is still largely cyclical, but companies with moats will be in the best position to take advantage of long-term secular trends.