Monday, September 24, 2007
Tough Day for Harman
Harman International is trying to stay afloat in rough waters. Shares of the audio equipment maker have lost about 5% so far today, trading at around $80.97 a share. Harman said this morning it expects first-quarter profit to miss analysts’ expectations by a long shot due to heavy research and development costs. The company forecasts earnings of 50 cents per share--and that’s before factoring in costs associated with its $8 billion deal to sell itself to private equity firms KKR and Goldman Sachs, which fell through at the closing bell Friday.