Deere ( DE) reported higher-than-expected results for the second quarter and forecast a record profit for the full year. Deere reported net income of $1.08 billion, or $2.76 per share for the quarter ended April 30, up from $1.056 billion, or $2.61 per share, in the same period a year ago. The results topped analysts' estimates of $2.72 a share. Sales rose 9% to $10.91 billion, also beating estimates of $9.85 billion. The farm and construction equipment maker also maintained its full-year profit prediction of $3.3 billion. However, Deere lowered its forecast for sales to the construction industry, on concerns about weakness due to the outlook for U.S. economic growth. Deere said it expects equipment revenue to rise by about 5% in the year to October, below its previous forecast of 6%. CEOr Samuel Allen said in a statement, "Deere's near-term forecast is being tempered by lingering economic concerns in many parts of the world, which are restraining business confidence and growth."
Google ( GOOG) is reportedly readying a subscription music-streaming service that would rival Spotify. Reports say the company could debut the service as early as Wednesday at its annual developers conference. The Verge is citing sources who say Google has secured licensing deals with Sony ( SNE) Music Entertainment and Universal Music Group for YouTube and Google Play. Google currently has a cloud music service called Google Music, where users can upload as many as 20,000 purchased songs and listen to them on Android devices or over the Internet. As the Android operating system is currently the most-used smartphone software, the service could pose a challenge to Spotify, which boasts more than 24 million active users across the world. If Google debuts the music streaming service, it would beat Apple ( AAPL) to the punch. According to speculation, Apple has been working on its own music streaming platform, but it has not yet been revealed.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.