Ticker Shock: Harley Not High on the Hog, eBay, Citi Even Further Down
Thursday's top stories and stocks with potential to move.
I winced when I flicked on my screens at precisely 5:05 am this morning, particularly when I got a glimpse of the Nikkei - down more than 11%. Europe was in the red too. But the good news is that the Dow got off to a decent start this morning.
Let's hope for a little rebound today, shall we?
Harley's revenue number of $1.42 billion for the third quarter was in line with what the Street had been looking for. But its bottom-line number came in at just $0.71 per share; analysts had been looking for $0.79. Making matters worse, the company said that it has
"narrowed its expectations for diluted earnings per share for the full year to $3.00 to $3.10 from the prior range of $3.00 to $3.18."
Here's the deal on this one: The company puts out some fantastic bikes - but how many wives are going to let their husbands put up big bucks for something like that at a time like this? I also can't help but wonder why I should dip my toe in the water when the insider data shows that execs haven't been bellying up to the bar.
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Citi disseminated its third-quarter earnings -- or lack thereof -- this morning. The loss came in at $0.60, which was better than the $0.70 per share loss analysts had been looking for.
However, Citi bulls probably shouldn't uncork those champagne bottles just yet :Its revenue came in at about $16.7 billion, and the Street had been looking for more than $19 billion on the top line.
I'm glad to see the company eyeing costs and trimming headcount. I think that's smart. But I don't have any sense that this patient is stable just yet. As a result, I intend to remain on the sidelines at least until year's end - or when I get some sense that tax-loss selling is indeed behind us.
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