Are investor-types more skittish than junkies without their methadone?
On Tuesday, Harley-Davidson stock took a serious tumble, following a report released late Monday by the Motorcycle Industry Council that stated Harley's sales were down for the months of January and February.
The report claimed Harley only sold 12,527 bikes in that time period, as opposed to 13,121 motorcycles in the same period during 2000.
Harley stock has been one of the Wall Street success stories over recent years, as the motorcycle manufacturer has posted record revenues for 15 consecutive years. On Friday, The Motley Fool website listed Harley as one of the "Ten Stocks for Uncertain Times."
Investors began dumping Harley stock like used motor oil. H-D lost around ten percent of it's value at one point and millions shares were traded before Harley brought out Pat Davidson, director of investor relations, to save the day.
Davidson claimed the MIC report also included demo and company-use bikes in the 2000 calculations, and actually H-D sales were up 1.9 percent after the figures were adjusted. Toss in that 2000 was a leap year and the figure goes up to a respectable 5.5 percent.
The stock rallied as analysts continued to rate the stock at "buy", and "strong buy", but H-D still closed down $.82 on Tuesday. The over six million shares traded were approximately five times more activity than normal.
In the past two days, the stock has hovered around the $39 mark. Analysts say investors are still a bit leery of Harley because of the problems on Tuesday, coupled with the overall condition of the stock market.