FTC, USDA Probe Sends Farm Equipment Stocks Lower

Shares of Deere and other agricultural-equipment makers fell after the Federal Trade Commission and U.S. Department of Agriculture opened a review of competition and business practices in the sector. The agencies are seeking public input on whether manufacturers or dealers restrict competition, farmers’ access to repair services, or equipment choices through dealer-network practices and industry consolidation. Deere shares declined roughly 3.5% to 5% in reports, while Caterpillar, CNH Industrial and AGCO also fell.