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Omar Venerio
Omar Venerio
Articles (1746) 

Tuesday Morning Market Highlights

Markets up, shares of Harley-Davidson miss revenue estimates

US Markets

U.S. stocks were up on Tuesday morning, with shares of Gamestop (NYSE:GME) falling more than 50%. The Dow gained 1.79% to 30,751, the S&P 500 index rose 1.62% to 3,834 and the Nasdaq Composite Index was up 1.35% to 13,584.

Gainers

• Waters Corp (NYSE:WAT) +9.8%​

• Marathon Petroleum Corp (NYSE:MPC) +5.4%

• MGM Resorts International (NYSE:MGM) +4.9%

• Occidental Petroleum Corp (NYSE:OXY) +4.9%

• United Parcel Service Inc (NYSE:UPS) +4.2%

Losers

• DaVita Inc (NYSE:DVA) -5.2%

• Iron Mountain Inc (NYSE:IRM) -4.8%

• Clorox Co (NYSE:CLX) -2%

• Kroger Co (NYSE:KR) -1.7%

• Lumen Technologies Inc (NYSE:LUMN) -1%

Global Markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 jumped 0.72%, Germany's Dax rose 1.30%, France's CAC 40 gained 1.75% and Spain's Ibex 35 was up 1.71%.

In Asia, Japan's Nikkei 225 gained 0.97%, India's BSE Sensex gained 2.46%, Hong Kong's Hang Seng advanced 1.23% and China's Shanghai Composite was up 0.81%.

Harley-Davidson releases earnings report

Shares of Harley-Davidson, Inc. (NYSE:HOG) fell more than 18% on Tuesday morning after the company announced financial results for its fourth quarter and full-year 2020. It posted a loss of 44 cents per share, falling short of analysts' estimates by 66 cents; on revenue of $530.96 million, which declined 39.3% year-over-yearand fall short of expectations by $239.54 million.

President and CEO Jochen Zeitz had the following to say:

"The entire Harley-Davidson team put forth tremendous effort in 2020 and we now have the right organization, structure and strategy in place to make step changes in our performance and enhance our position as the most desirable motorcycle brand in the world."

In the quarter, the decline on revenue was a consequence of lower wholesale shipments and the impact of pressed inventory and the model year shift. Further, the Motorcycle gross margin was 21.6%, down 360 basis points when compared to the same quarter of the prior year. The operating margin was -37%.

Harley shares have retreated 11% since the beginning of the year versus the S&P 500's gain of 3.3%.

At the end of September, Charles Brandes (Trades, Portfolio) reduced his investment in the stock by 41% to 8,294 shares.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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