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.
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