Harman International Industries, Incorporated (HAR) saw a big move last session, as the company’s shares fell by nearly 6 % on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent trend of the company, as the stock is now trading within the volatile price range of $104.2 to $119.8 in the past one-month time frame.
On Aug 6, Harman provided disappointing fiscal 2016 guidance, which was below investor expectations.
This slump shouldn’t be too much of a surprise to investors, as the Audio and infotainment equipment provider has seen 4 negative revisions in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
HAR currently has a Zacks Rank #4 (Sell).
A better-ranked stock in the Audio/Video Products industry is GoPro, Inc. (GPRO) which holds a Zacks Rank #1 (Strong Buy).
Is HAR going up? Or down? Predict to see what others think: Up or Down
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