Harley’s Rough Ride on Wall Street; Madoff Victims Pay Day; Amazon Wants You. Really.

Rough riding…

Image courtesy of sritangphoto/FreeDigitalPhotos.net

Image courtesy of sritangphoto/FreeDigitalPhotos.net

Harley-Davidson is no match for Wall Street as the all-American bike gets whipped by yet another rough quarter.  With sales down 2.5% in the U.S. and another 1% worldwide, Harley-Davidson brass have made a brutal decision to cut a bunch of jobs and ship out 11,000 less bikes next year. Instead, the company will dish out $70 million to increase its 2016 marketing budget. The company is hoping (and presumably praying) that it can increase product and brand awareness. And get people to buy more bike, of course. But how is it even possible that a brand as iconic as Harley would need to do such a thing? While there’s no disputing that there’s nothing like a Harley, the company is facing increased competition from European and Asian bike makers, like Ducati, Royal Enfield and Triumph. Those companies are putting out some fierce machines, and in some cases, for a lot less money than a “hog.” The proof is that in the first nine months of the year, the number of registered bikes has surged 6.6%. Net income for Harley-Davidson came in at $140.3 million, a 6.5% decrease over last year’s $150 million. Harley added 69 cent per share when analysts predicted 78 cents instead. In fact, shares fell the most that they have in six years.  But that isn’t stopping Harley-Davidson from plans to open up 200 more dealerships abroad.

Lost and found…

Image courtesy of bplanet/FreeDigitalPhotos.net

Image courtesy of bplanet/FreeDigitalPhotos.net

It’s been seven years since Bernie Madoff’s evil Ponzi scheme unraveled. But today, more than 1,200 of his victims (there were way more than that) can sort of rejoice and look forward to recouping at least some of their lost funds. Irving Picard, the trustee who has been hard at working recouping money on behalf of the victims of the largest Ponzi scheme in U.S. history, has managed to release $1.5 billion from legal reserves. Victims who invested up to $1,161,000 can expect to get back about $1 million. Those who unfortunately invested more can expect to recoup 61 cents on the dollar.  Much of this money is coming from the widow of Madoff’s deceased alleged co-conspirator Jeffery Picower.  She agreed to turn over $7.2 billion of her late husband’s ill-gotten stash. Of course, some of that cash, approximately $1 billion, will also go towards covering all those enormous legal fees of the law firm handling this case. U.S officials have so far recovered about $11 billion from the $17 billion that was lost. As for Bernie Madoff, he’s hitting year 7 of a 150 year prison sentence.

Hire cause…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

If you’re looking to score some extra cash this holiday season then don’t let the New York Times get in your way and  dissuade you from applying for a job at Amazon. I bet Amazon is hoping the NYT doesn’t dissuade you either since the company is looking to hire 25,000 full-time employees and 100,000 part-time employees for the holiday season. While the company has always hired more people for this time of year, this time the digits are pretty epic in that they’ve never been this high. It should be duly noted that plenty of people who had been hired specifically for the holiday season were subsequently kept on as permanent employees.  The jobs will be primarily in the sorting and fulfillment facilities across the country.  But Amazon’s not the only game in town as Target, Wal-Mart, Macy’s, Kohl’s and a slew of other companies are also looking to amp up their workforces this holiday season. Just be sure not to ask Bo Olsen for a reference.

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