Harman International Industries Misses Earnings Forecasts, Shares Slump 7%

Harman International Industries (HAR), the maker of Harman Kardon and JBL audio products, fell 7% on Thursday, after a disappointing earnings report, making it TheStreet's Move of the Day. The company posted fiscal third quarter earnings of $1.22 per share, missing forecasts of $1.27. Revenue stood at $1.46 billion, a 4% increase from the same quarter last year. Sales would have risen 14%, but foreign currency headwinds hit the company hard. Harman also lowered its guidance for 2015. It now expects earnings per share of $5.65, after a previously anticipated $5.85. Shares of Harman are trading at $130.38 per share and are up 22.3% since the start of the year.