Harley too...
Harley-Davidson Inc. shares fell Monday in reaction to a downgrade by Goldman Sachs Group Inc., which cut its investment rating on Harley to "sell" from "neutral" amid flagging demand for motorcycles and rising credit costs.
Separately, the motorcycle builder said the president of its financial-services unit resigned last week and was succeeded on an interim basis by the parent company's chief financial officer.
Goldman estimated that retail motorcycle sales in the U.S. will be down 30% this year and predicted a 95% year-to-year decline in operating profit at the financial-services unit because of higher funding costs and declining credit quality.
The Milwaukee-based company's stock fell 12%, or $1.87, to $14.13 in 4 p.m. in composite trading on the New York Stock Exchange.