Oil (CLJ15.NYM) is under pressure, touching $45 a barrel, after the International Energy Agency said U.S. oil production jumped to 115,000 barrels a day last month with most of it going directly into storage tanks -- which are nearly full. So traders who were hoping for a sustainable rebound in crude are out of luck. The bearish report is pushing energy stocks, via the Energy Select Sector SPDR ETF (XLE), down over 1% which is a major drag on the broader market, the S&P 500 (^GSPC) and the Dow Jones Industrials (^DJI) are down about 1% as of midday. Falling oil prices, of course, are great for consumers, especially drivers.
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Harley Davidson (HOG) is downshifting, with investors pushing the shares down by more than 3%. The hog maker says it will cut 169 workers at its Kansas City, Missouri plant. That amounts to "cost cutting," which investors usually like, but Wells Fargo (WFC) says this could be a "tip-off" that demand is slowing for bikes. Even so, Wells still rates Harley a buy. The rest the Street seems unconvinced, with shares down by more than 10% this year. Sales are falling in Canada and rivals are catching up to Harley with more affordable rides.
There is better news for ANN INC (ANN)., parent company of Ann Taylor and The Loft. The stock is up 9% after profits and sales beat street estimates. This is an about face for the women's apparel retailer whose stock has been falling out of fashion. Last year, two of its biggest shareholders began pressuring the company to sell itself to a private buyer or bigger competitor. And there are rumors some buyers may be sniffing around. The shareholders argued the stock could be worth as much as $55 a share in a buyout. At today's price, $40 and change, the stock would be a bargain.
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