HOG - Today's Research Reports on Stocks to Watch: Tesla and Harley-Davidson
NEW YORK, NY / ACCESSWIRE / October 24, 2018 / Motorcycle maker Harley-Davidson was in the red on Tuesday after reporting earnings and announcing how much tariffs would cost the company this year. Shares of Tesla were exploding ahead of its own financial report and positive remarks now from a once bearish Citron Research.
RDI Initiates Coverage on:
Tesla, Inc.
https://www.rdinvesting.com/report/?ticker=TSLA
Harley-Davidson, Inc.
https://www.rdinvesting.com/report/?ticker=HOG
Tesla, Inc. shares were up almost 13% yesterday with around 18.8 million shares traded. The electric vehicle maker was seeing its shares explode ahead of its financial report today after the markets close. Traders are eager for the report as CEO Elon Musk had promised that Tesla would report a net profit and positive cash. It was also encouraging that short seller Citron Research did a U-turn on its bearish outlook on the stock and said in a research note that the company's Model 3 sedan is a "proven hit" and is serious competition against other plug in car automakers. It was just a few weeks ago that Citron's Andrew Left said he was suing Tesla and Elon Musk for fraud. Despite the new optimistic outlook on the company, Citron is not withdrawing the lawsuit. Left said to Reuters, "I would not short this again. I understand that industry better and I think the company just turned the corner." He added, "The numbers coming out of the company are too compelling." Citron stated, "While the media has been focused on Elon Musk's eccentric, outlandish and at times offensive behavior, it has failed to notice the legitimate disruption of the auto industry that is currently being dominated by Tesla."
Access RDI’s Tesla, Inc. Research Report at:
https://www.rdinvesting.com/report/?ticker=TSLA
Harley-Davidson, Inc. shares were down 2.22% on Tuesday with roughly 7.7 million shares traded as Wall Street learned just how much tariffs would cost the motorcycle company this year. The company said after reporting third quarter financial results that it expects to pay at least $40 million to cover the cost of new tariffs across the world this year. CFO John Olin stated, "Our expectations for the impact of recently enacted tariffs includes incremental costs of approximately $15 million to $20 million for steel and aluminum and approximately $25 million for EU tariffs. Additionally, China increased its tariffs volume on foreign motorcycles produced in the United States by 25 percentage points and the U.S. has increased tariffs on certain products imported from China. We believe this will increase our 2018 cost by approximately $3 million. In total we now expect to incur approximately $43 million to $48 million of increased costs related to the tariffs during 2018." Olin also remarked, "We never imagined moving production of our European customers out of the United States and here we are."
Access RDI’s Harley-Davidson, Inc. Research Report at:
https://www.rdinvesting.com/report/?ticker=HOG
Our Actionable Research on Tesla, Inc. (NASDAQ: TSLA) and Harley-Davidson, Inc. (NYSE: HOG) can be downloaded free of charge at Research Driven Investing.
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