Mark Elwa
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Harley-Davidson posted 3rd quarter results

The motorcycle company reported a third-quarter profit that missed expectations and cut its full-year motorcycle shipment forecast, citing a heightened competitive environment. 

Earnings for the quarter ended Sept. 27 came in at $140.3 million, or 69 cents a share, from $150.1 million, or 69 cents a share, in the same period a year ago, below the FactSet consensus for earnings per share of 78 cents. Revenue rose to $1.32 billion from $1.30 billion, above the FactSet consensus of $1.22 billion. 

For the full-year, the company cut its shipment outlook to 265,000 to 270,000 motorcycles from 276,000 to 281,000. The company said it will increase investment to improve demand by $70 million in 2016, lifting marketing spending to 65% above 2015 levels, and investment in new product development by 35%.

Stocks are forming a triangle at the moment. Suppose we can see falling to $54 per share.