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Dominion Resources and Harley-Davidson on January 3

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Dominion Resources 

Dominion Resources (D), which is an American power and energy company, was among the S&P 500’s top losers on January 3. After a brief recovery last week, Dominion Resources started this week on a weaker note and fell to almost three-month low price levels.

The selling pressure in Dominion Resources increased on January 3 amid reports about the acquisition of SCANA (SCG). According to management, SCANA will be acquired by Dominion Resources for $14.6 billion, which includes debt of $6.7 billion. According to Thomas Ferrell, Dominion Resources’ chairman and CEO, within 90 days after completing the acquisition, $1.3 billion of payments will be refunded to residential customers who bared the additional costs due to the failed nuclear power plant project. It’s equivalent to $1,000 per customer.

On January 3, Dominion Resources fell 3.9% and closed the day at $77.19. Dominion Resources is part of the S&P 500 Uutilities sector, which fell 0.76% on Wednesday.

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Harley-Davidson 

Harley-Davidson (HOG), which is an American motorcycle manufacturer, was among the S&P 500’s top losers on Wednesday. After the pullback last week, Harley-Davidson started this week on a stronger note by rising to five-month high price levels. However, Harley-Davidson didn’t maintain the momentum and pulled back on Wednesday.

The selling pressure in Harley-Davidson increased on Wednesday after analysts downgraded the stock. The analysts at Longbow Research LLC downgraded Harley-Davidson from “neutral” to “underperform” with a target price of $43. According to Longbow Research LLC, the downgrade is due to weak sales in the US. On January 3, Harley-Davidson fell 3.76% to $50.10. Harley-Davidson is part of the S&P 500 Consumer Discretionary sector, which rose 0.53% on Wednesday.

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