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MarketScreener Homepage  >  Equities  >  Nyse  >  Deere & Company    DE

DEERE & COMPANY

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Trump, in reversal, approves California wildfire aid

10/16/2020 | 01:53pm EST

Oct 16 (Reuters) - U.S. President Donald Trump approved California's request for additional wildfire recovery relief, reversing his administration's earlier denial after intervention from the state's governor and a key Republican lawmaker.

In an email, White House spokesman Judd Deere said California Gov. Gavin Newsom and House Minority Leader Kevin McCarthy, a California Republican, had "presented a convincing case" for approval of the relief.

Newsom, in a press release, said he was "grateful for (Trump's) quick response." He had asked the president in September to declare a major disaster in seven counties affected by blazes that ignited earlier that month.

Trump had issued a major disaster declaration for some parts of the state in August, a move that provides federal assistance for individuals, infrastructure and both emergency and permanent work.

But several more major fires cropped up across the state the following month, prompting the state's subsequent request. Some 4.1 million acres have burned in California this year, shattering a previous record and causing $229 million of damage.

Earlier on Friday, the U.S. Federal Emergency Management Agency said blazes that ignited in September were not severe enough to be declared a "major disaster."

Trump's administration and the Democratic-led Golden State have clashed several times.

Trump has repeatedly blamed deadly wildfires on a failure by California to clear its forests of dead trees and debris and threatened to withhold federal assistance.

"They have massive fires again in California," Trump said at a campaign rally in August. "Maybe we're just going to have to make them pay for it because they don't listen to us."

In fact, more than half of California's forests fall under federal management https://www.reuters.com/article/us-usa-wildfires-forests-insight/california-outpaced-trumps-forest-service-in-wildfire-prevention-work-data-idUSKCN26E2QO yet the state spends more than the U.S. Forest Service does on managing those lands to reduce wildfire risk. (Reporting by Nichola Groom; Editing by David Gregorio)


© Reuters 2020
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Financials (USD)
Sales 2020 30 236 M - -
Net income 2020 2 434 M - -
Net Debt 2020 25 912 M - -
P/E ratio 2020 34,1x
Yield 2020 1,21%
Capitalization 81 985 M 81 985 M -
EV / Sales 2020 3,57x
EV / Sales 2021 3,43x
Nbr of Employees 73 489
Free-Float 58,3%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 279,95 $
Last Close Price 261,62 $
Spread / Highest target 28,0%
Spread / Average Target 7,01%
Spread / Lowest Target -28,5%
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Managers
NameTitle
John C. May Chairman, President, CEO & COO
Ryan D. Campbell Chief Financial Officer & Senior Vice President
Rajesh Kalathur Chief Information Officer
Jahmy J. Hindman Chief Technology Officer
Dipak Chand Jain Independent Director
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