Friday, July 25, 2014

Breakdown Predicts Double-Digit Drop in Harley-Davidson (NYSE: HOG)

Harley-Davidson (NYSE: HOG) suffered its biggest loss in two years on Tuesday, falling 5.4% following its second-quarter earnings report. While the iconic American company reported better-than-expected earnings, it lowered its forecast for new motorcycle shipments for the full year. The sharp sell-off broke through some significant support, and as a result, the charts now favor the downside in the multi-month time frame.

HOG reported a 34% year-over-year hike in earnings per share to $1.62, which was better than the Street's estimates of $1.46. Revenue for the quarter increased 12% to $2 billion, also beating analysts' estimates for $1.84 billion. Motorcycles shipments in the quarter were up 9% from Q2 2013 to 92,217.  (more)

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