Harley Davidson Inc (HOG)

Harley-Davidson Stock (HOG) dropped by 6.45% from $28.82 to $26.96 in the trading on Thursday October 26, 2023. The reason why HOG stock down today is due to its third-quarter results. Harley-Davidson’s third-quarter profit missed estimates and sales plunged amid elevated borrowing costs in the US and economic weakness around the globe.

• Earnings of $1.38 a share, missing the $1.40 average of analysts’ estimates. Revenue from motorcycles and related products fell 9% from a year ago to $1.3 billion, below expectations.
• Operating income at Harley’s financial services arm fell 27% from a year ago as higher borrowing costs and credit losses eroded earnings.
• Retail motorcycle sales tumbled 15% in Harley’s core North America market in the third quarter. Sales dropped in every other region, contributing to a 16% decline worldwide.
• Consumer discretionary spending: The more alarming thing is about consumer discretionary spending. Many people finance a motorcycle purchase but higher interest rates are causing people to pull back.

In the latest update, Harley-Davidson Inc (HOG) with free alerts, announced a transition in the position of CFO. The current CFO, Gina Goetter, will be resigning from her role by the end of April. On the other hand, Hasbro, Inc. (HAS) appointed Gina Goetter as its new CFO. As a result of this news, Harley-Davidson shares experienced a decline of 4%, dropping to $35.87 during the after-hours trading session.

https://www.benzinga.com/news/23/04/31786768/whats-going-on-with-harley-davidson-stock-today