Harman International: S&P Intraday Laggard

NEW YORK (TheStreet) -- Harman International (HAR) was the worst-performing stock in the S&P 500 intraday Tuesday.

The S&P 500 was rising a little more than 2 points, or 0.16%, to 1,311.

Shares of Harman fell 7.39% to $35.19. The audio products and electronic systems company's stock fell Monday after Apple (AAPL) announced a map feature that could knock Harman's systems off more drivers' dashboards, The Wall Street Journal noted.

"Aftermarket systems and even some carmakers already offer access to SIRI through the steering wheel (Mercedes A-Class) and turn-by-turn navigation apps are already available for purchase," Morgan Stanley analysts wrote in a report on Monday. "However, today's announcement dramatically expands the availability of these features, across a range of automakers, for free, in a standardized, stable format."

The analysts also wrote, "However, we believe this marks another step toward the personal smart device potentially displacing the infotainment system within the car, at least as a low-end solution. This could be a threat to existing infotainment suppliers."

Harman trades at an estimated price-to-earnings ratio for next year of 14.67 times; the average among its peers is 45.64. For comparison, Johnson Controls (JCI) has a lower forward P/E of 11.2.

Three of the five analysts who cover Harman rated it hold. One analyst gave the stock a buy rating and another rated it sell.

The stock has fallen 8.15% year to date.

-- Written by Alexandra Zendrian



>To contact the writer of this article, click here: Alexandra Zendrian

>To submit a news tip, send an email to: [e-mail].

>To follow the writer on Twitter, go to Alexandra Zendrian.