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I guess you could say that shareholders of Harley-Davidson (HOG) aren't in hog heaven. The motorcycle magnate announced solid third-quarter earnings results, but it disappointed the Street with its motorcycle sales.
Let's start with the good news. Harley-Davidson reported third-quarter net income of 38 cents per share ($88.8 million) or 40 cents per continuing share, far better than last year's same-quarter earnings of 11 cents per share. What's more, these results topped the consensus estimate of 35 cents per share. The company was even able to overcome poor quarterly sales because of it financial services division and cost-cutting efforts.
Unfortunately, the company couldn't stop there. It forecast full-year motorcycle shipments to drop 5% to 7% compared to a year ago. This news has pushed the stock more than 4% lower in early trading. If there is good news surrounding this drop, it is that it appears that the $30 level will hold as support for HOG.
As you can see on this chart, this round-number level has provided resistance in the past. Perhaps HOG will find a measure of support from this level, as prior levels of resistance often will switch roles when given the chance. Further support could come from HOG's 20-month moving average. This trendline is working its way toward the $30 region. If this trendline can combine with the $30 level to act as support, we could see the stock rebound nicely. Of course, the danger is that this support fails and the stock finds new layers of resistance to any rally.
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