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 Citron Research, a short seller that has been bearish on Tesla Inc. for some time, has reversed its position, according to a note published Tuesday. "Citron is long Tesla as the Model 3 is a proven hit and many of the TSLA warning signs have proven not to be significant," the firm wrote in a note. Citron wrote almost five years ago that it expected multiple other 200-mile range plug-ins to be available by the time the Model 3 came to market. Instead, "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," said the note, using capital letters. Tesla's strong competitive position is what has changed, as it is leader in luxury car sales in 2018, while deliveries have been on an upward path. The Model S is also an industry leader, said the note. "Sometimes the truth is stranger than fiction," it said. "While we may not be fans of the overconfident CEO, we cannot dismiss what we are seeing in the marketplace." Tesla shares were up 5% after the company said it is moving earnings forward to Wednesday. The shares are down 11.5% in 2018, while the S&P 500 has gained 1.7%.
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3M Co. stock dropped nearly 6% in heavy Tuesday trade after the company reported third-quarter profit and revenue misses and issued downbeat 2018 guidance. Earnings for the latest quarter rose to $1.54 billion, or $2.58 per share, from $1.43 billion, or $2.33 per share in the year-earlier period. The FactSet adjusted earnings-per-share consensus was $2.70. Revenue declined to $8.15 billion from $8.17 billion in the year-earlier period, below the FactSet consensus of $8.41 billion. The latest results include flat sales in the company's industrial business, an increase in its safety and graphics division sales, and declines in its health care business (2.8% decline), electronics and energy business (down 4.8%) and consumer business (down 3.4%). 3M also revised its 2018 adjusted EPS expectations from a range of $10.20 to $10.45 to between $9.90 and $10 per share, below the FactSet consensus of $10.28 per share. The change reflects a full-year earnings headwind of 5 cents per share from foreign currency, while the prior expectation had been of a benefit of 10 cents per share, 3M said. Company shares have dropped nearly 5% over the last three months, compared with a 3.3% decline in the S&P 500 and a 0.2% decline in the Dow Jones Industrial Average .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 Given a lift from improved international sales, Harley-Davidson reported higher earnings. But Harley's U.S. motorcycle sales continued to plunge.
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 Lockheed Martin Corp, the
Pentagon's No. 1 weapons supplier, reported a 17 percent rise in
quarterly profit on Tuesday, driven by increased production of
its F-35 fighter jets.
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Harley-Davidson Inc. shares dropped 6.6% in Tuesday morning trade after the company said it is voluntarily recalling nearly 240,000 motorcycles. The company expects the recall to cost $35 million, which will be booked in the fourth quarter. Harley-Davidson disclosed the news after reporting third-quarter profit and revenue beats early Tuesday, which initially propelled the stock up. Earnings for the latest quarter rose to $113.86 million, or 68 cents per share, from $68.21 million, or 40 cents per share in the year-earlier period. Adjusted earnings-per-share were 78 cents, compared with the FactSet consensus of 53 cents. The latest results reflect improved international retail sales growth, the company said, even as its U.S. retail sales and worldwide retail sales declined from the previous year's rates. The company also has a multi-year manufacturing optimization plan in place, with costs related to it totaling around $21 million in the third quarter. Third-quarter revenue rose to $1.32 billion from $1.15 billion, above the FactSet consensus of $1.07 billion. The company continues to expect 2018 motorcycle shipments of between 231,000 to 236,000 and motorcycles segment operating margin to make up about 9% to 10% of its revenue. Harley-Davidson now expects financial services segment operating income to be up, compared with previous expectations of flat to up slightly, a lower tax rate than previously expected, or 22.5% to 24%, and fewer capital expenditures than previously expected, or between $230 million and $250 million, compared with a previous estimate of $250 million to $270 million. Company shares have dropped 12.4% over the last three months, compared with a 3.2% decline in the S&P 500 and a 0.2% decline in the Dow Jones Industrial Average .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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CNBC
Check out the companies making headlines before the bell: United Technologies - The industrial conglomerate earned an adjusted $1.93 per share for the third quarter, 12 cents a share above forecasts. Revenue also beat forecasts, and the company raised ...
Harley-Davidson earnings: US motorc
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Shares of United Technologies Corp. rose 0.8% in premarket trade Tuesday, bucking a broad-market selloff, after the diversified industrial company reported third-quarter earnings and revenue that beat expectations, and raised its outlook. Net income fell to $1.24 billion, or $1.54 a share, from $1.33 billion, or $1.67 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.93, above the FactSet consensus of $1.82. Sales increased to $16.51 billion from $15.06 billion, beating the FactSet consensus of $16.15 billion. Looking ahead, the company raised its 2018 adjusted EPS guidance range to $7.20 to $7.30 from $7.10 to $7.25, and boosted its sales outlook to $64.0 billion to $64.5 billion from $63.5 billion to $64.5 billion. The stock has lost 0.9% year to date through Monday while the Dow Jones Industrial Average has gained 2.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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