Diamonds and Dogs
Polaris (PII) jumps on new bike sales. The maker of ATVs, snowmobiles and motorcycles is up 5% moving back toward all-time highs on better-than-expected profits. Polaris beat by 4 cents as sales rose 7% to $1.73 billion. Sales were helped by company's Indian Motorcycle division, which saw revenue increase by 37% to $116 million as Indian debuted the Challenger, a heavyweight touring bike. Rival, Harley Davidson is down 4% on disappointing earnings.
3M (MMM) reports disappointing earnings. The conglomerate is down 5% today and down 25% from the yearly highs following earnings that missed expectations by 15 cents. Strong sales for their protective face masks due to the Chinese coronavirus couldn't overcome slumping sales for car parts and electronics. 3M has been hit hard by the trade disputes with flagging demand out of China for automotive and electronics markets. 3M will 1500 jobs or 1.5% of their workforce.