Deere staged a rally Friday after the farm machinery manufacturer beat on fiscal third-quarter earnings and led to short-sellers rushing to reset positions.
As of July 29, the stock had a short position equal to about 10 percent of its public float — a sign of the generally bearish sentiment about Deere’s outlook given the ag downturn. In trading Friday, the stock rose 13 percent in turnover exceeding 22 million shares, well above its 10-day average daily volume of 2.8 million.
