Deere has downbeat 2013 outlook, and shares fall

The largest maker of agricultural equipment is taking a cautious view of 2013 as drought and economic woes restrain spending. Deere expects US, Canadian, and Asian sales to be flat. In Europe, it says flat or down as much as 5 percent. Worldwide, equipment sales will rise 5 percent. In the latest quarter, net income rose 2.7 percent to $687.6 million; sales rose 14 percent to $9.79 billion.