On Wednesday, Deere reported earnings that topped analysts' estimates, but the company provided weaker-than-expected guidance.
Earnings came in at $1.65 per share, up from $1.30 per share last year, and beating expectations of $1.40 per share. However, the stock ended the day down 3.5 percent, after Deere said U.S. farm cash receipts for crops will fall 1.7 percent this year as crop prices continue to come off of their record highs.
With the stock near the low of the day, one option trader stepped in and bought 2800 March 90-strike calls for $2.39. This is a big bullish bet that the stock will rise above $92.39 by March expiration.