According to a Wall Street Journal report, farm and construction
equipment maker Deere & Company (
) is being investigated by the Securities and Exchange Commission
(SEC) for allegedly bribing foreign officials.
Citing two people familiar with the matter, the report claims
that Deere received an inquiry in July regarding payments made to
officials in Russia and other nearby countries.
Those payments could be in violation of the Foreign Corrupt
Practices Act, which was designed to prevent companies from bribing
foreign officials to obtain lucrative contracts.
A Deere spokesman commented, "The SEC has informed Deere that
this is a non-public fact-finding inquiry to determine whether
there have been any violations of the federal securities laws, and
that the inquiry and document request do not mean that the SEC has
concluded that Deere has broken the law."
Deere shares fell 67 cents, or -1%, in premarket trading
The Bottom Line
Shares of Deere (
) have a 2.42% dividend yield, based on last night's closing stock
price of $67.89. The stock has technical support in the $62-$65
price area. If the shares can firm up, we see overhead resistance
around the $75 price level.
Deere & Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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, as well as a detailed explanation of
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