8.09.2005
Harley-Davidson strength leaves Wall Street eating words
Harley-Davidson shares surged yesterday after the motorcycle maker rode roughshod over Wall Street forecasts.
The company said the poor weather that hit first-quarter sales had given way to a brighter outlook and posted second-quarter profits of $237m, a decline of around 4pc on the same period last year but still well above analysts' estimates.
Investors also shrugged off news that the company was facing an investigation by the Securities & Exchange Commission regarding its April announcement that it was cutting its production forecasts. That news sent the shares reeling and prompted a number of shareholder lawsuits, which accused Harley of "material misrepresentation" to artificially inflate its share price in the months leading up to the announcement.
Telegraph | Money
Link
The company said the poor weather that hit first-quarter sales had given way to a brighter outlook and posted second-quarter profits of $237m, a decline of around 4pc on the same period last year but still well above analysts' estimates.
Investors also shrugged off news that the company was facing an investigation by the Securities & Exchange Commission regarding its April announcement that it was cutting its production forecasts. That news sent the shares reeling and prompted a number of shareholder lawsuits, which accused Harley of "material misrepresentation" to artificially inflate its share price in the months leading up to the announcement.
Telegraph | Money
Link
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