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Non-Tech : New Holland and the Ag Equipment Group
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To: James Clarke who wrote (67)3/17/1999 8:31:00 AM
From: Bob Rudd  Read Replies (1) of 113
 
Salomon Smith Barney raised its ratings on several equipment companies this morning. The firm lifted its rating on Caterpillar (CAT) to "Buy" from "Neutral," following CAT's recent price pullback. SSB upgraded its ratings on Deere & Co (DE) to "Buy" from "Neutral and AGCO (AG) to "Outperform" from "Neutral" on an improving farm equipment market. [???]
Greenspan said yesterday that farmers have faired better than in prior Ag downturns...They've used technology including better equipment to become more efficient and government programs have cushioned some of the impact. News? No, but when Alan speaks, people listen. This with the SSB upgrades may cast a bit of favorable light.

Thanks for the insight on dealer inventory...receiveables exceeding prior levels is often a good tipoff to channel stuffing...though I don't think there's any voluntary stuffing going on here [no sunbeam type stuff] just sudden drop in demand.
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