Polaris Industries Inc. (NYSE: PII)
Polaris Industries is having a rough day in the market today. At the opening bell, the stock was trading slightly in the green, but that didn’t last very long. Unfortunately, as soon as the session started the stock started to dive for the red. Throughout the day, it has been pushing further and further into the abyss. Below, we’ll talk about what we’re seeing from PII, why, and what we’ll be watching for ahead.
What We’re Seeing From PII
As mentioned above, Polaris Industries isn’t having the best of days in today’s trading session. While the stock did start the day in the green, the positive movement didn’t last long. As soon as the bell rang, the stock started to fall, quickly making it to the red and beyond. Currently (11:36), PII is trading at $85.56 per share after a loss of $3.04 per share or 3.43% thus far today.
Why The Stock Is Falling
As is nearly always the case, our partners at Trade Ideas were the first to inform us of the declines on PII. As soon as we received the alert, the CNA Finance team started digging. While we haven’t found much by way of details, we do believe that we know the reason for the fall. It seems that a recall is to blame.
At the moment, we are researching to see just what product was recalled. However, in our news feeds, we are seeing a breaking story (which may be a rumor) coming down the wire that a recall is taking place. Of course, we will be watching to see what the product is and the details surrounding the recall. So, make sure to stay tuned for the continuing breaking news.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PII. In particular, we’re interested in learning more about the potential recall that is coming down the wire. We’ll continue to follow the story closely and bring you any updates as they break!
Update 11:49: It looks like the rumors are invalid. If PII did indeed recall a product, it would be listed on their recall page. Click here, and you will see that the most recent recall was issued on March 2nd. While one may be coming, we don’t believe the rumor to be true.
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[Image Courtesy of Wikimedia]