Some motorcycle news from Wall Street, as we get word that Harley-Davidson will be removed from the S&P 500 list effective June 22nd.
A key index for a snapshot on the state of the American business landscape, the S&P 500 gets its name because it measures the stock performance of 500 large companies listed on stock exchanges in the United States.
Well before the firing of Harley-Davidson CEO Matt Levatich (and it was a firing, no matter how much the Bar & Shield brand touts its “mutual decision” narrative), there has been a wrestling of control over the future of the iconic American motorcycle brand.
Dwindling share prices on the New York Stock Exchange necessitated a change of regime at Harley-Davidson, as shareholders saw a continued loss on their investment with the Milwaukee firm; and thus, a loss of confidence in management’s ability to run the company.
Now with Matt Levatich out and Jochen Zeitz taking on the role of interim CEO and President of Harley-Davidson, a new battle is being fought – what is known in the investing world as a proxy fight.
At the time this article will be posted, it will make the sixth article relating to Harley-Davdison’s Project Livewire that is on the Asphalt & Rubber homepage. The Motor Company’s first foray into electric motorcycles made its way into not only every motorcycle publication around the world, but it also hit mainstream media like wildfire.
A topic more heavily saturated at this point than Kentucky Fried Chicken, and yet everyone of the publications carrying the story, including A&R, overlooked one critical thing about Project Livewire’s launch. The attached graphic is the five-day stock price of Harley-Davidson (NYSE:HOG), and that large spike is the Livewire’s unveiling time.