Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Harley-Davidson Inc HOG shares were trading sharply lower by $6.30 (9 percent) at $56.45 in Tuesday's session, despite a Q1 beat for EPS with better than expected revenue. However, the company lowered its motorcycle shipment forecasts for the the year and said the impact of the strong dollar is considerably worse than expected for Q2.
The issue, which has been struggling in 2015, peaked on January 2 at $66.58 is now trading at its lowest level since October 16, 2014, when it bottomed at $53.42.
After a lower open (Monday's close of $61.77 vs. Tuesday's open of $56.44), it did manage to rally to $57.78 before resuming its downward spiral. Since making its intraday low of $55.59, it has been finding intraday resistance at $56.80.
Wall Street analysts have been quiet on this issue since March 25, when Stifel initiated coverage with a Buy rating and a $75 price target.
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