Shares of Deere (NYSE: DE) fell flat on Friday despite the company posting better-than-expected earnings. Wall Street gave its judgment on the quarter over the weekend and there was little there to change investor impressions, sending Deere shares down as much as 3% on Monday.

Deere is seeing strong demand from the agriculture industry, helping it to post fiscal third-quarter results that easily topped expectations. The company also raised its guidance for full-year net income, saying it expects net sales at its farm equipment division to be up 20% year over year.

Yet, despite the good commentary Deere shares fell following earnings. Agriculture is a notoriously cyclical business, and Deere shares were up more than 30% since last October prior to the earnings release. Investors appear concerned that this is the best it will get for Deere this cycle, and used the earnings release to take gains and move to the sidelines.

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Source Fool.com