The stock market plunged on Tuesday, extending Monday's losses amid concerns that the recent strength in equities may not be sustainable. When all was said and done, the Dow Jones Industrial Average (DJINDICES:^DJI) and S&P 500 (SNPINDEX:^GSPC) both fell more than 1%.

Today's stock market

Index Percentage Change Point Change
Dow (1.37%) (362.59)
S&P 500 (1.09%) (31.10)

Data source: Yahoo! Finance.

Oil stocks were among the hardest-hit today as oil prices continued to slide from multiyear highs, with the SPDR S&P Oil & Gas Exploration and Production ETF (NYSEMKT:XOP) down 3.5%. Retail stocks also pulled back more than most; the SPDR S&P Retail EFT (NYSEMKT:XRT) lost 2.2%.

As for individual stocks, disappointing earnings news left shares of both Harley-Davidson (NYSE:HOG) and Scotts Miracle-Gro (NYSE:SMG) in the red today.

Wall St. street sign with three American flags in the background

Image source: Getty Images.

Harley predicts a bumpy road ahead

Shares of Harley-Davidson fell 8.1% today after motorcycle manufacturer announced slightly better-than-expected fourth-quarter 2017 results, but followed with disappointing guidance and plans to close an assembly plant.

Harley's revenue from motorcycles and related products climbed 12.2% year over year to $1.047 billion, above expectations for $1.01 billion and driven primarily by higher motorcycle shipments. After adjusting for one-time items -- including a $53.1 million income tax charge related to the recent U.S. tax reform -- net income arrived at $0.54 per share, up from $0.27 in the same year-ago period and well above expectations for $0.46 per share. 

But Harley also stated while shipments were up, its worldwide retail motorcycle sales fell 9.6% year over year during the quarter. If that wasn't enough, Harley anticipates motorcycle shipments in 2018 will range from 231,000 to 236,000, down from 241,498 in 2017.

On a more encouraging note, Harley confirmed it's on track to launch its first electric motorcycle within 18 months -- a move that that could serve to combat shipment declines and generate excitement and participation from the next generation of Harley riders. But it will also come at the expense of the flagship sound on which the Harley brand has built its legacy.

Finally, Harley announced a multiyear initiative to improve manufacturing and cut costs, starting with the consolidation of its Kansas City, Missouri, assembly plant with its plant in York, Pennsylvania. As such, Harley expects to incur restructuring costs of $170 million to $200 million over the next two years, while simultaneously making capital investments of roughly $75 million. Starting in 2020, Harley believes the effort will yield annual cash savings of $65 million to $75 million.

Scotts Miracle-Gro withers after a big loss

Scotts Miracle-Gro stock plunged 14.2% today after the lawn and garden products leader announced disappointing quarterly results. Revenue grew 7% year over year to $221.5 million, albeit driven primarily by acquisitions within its Hawthorne Hydroponics subsidiary. Sales at Hawthorne would have fallen $12 million year over year excluding acquisitions -- a trend that Scotts believes is temporary given the slower-than-expected pace of regulatory changes in California.

On the bottom line, that translated to an adjusted loss of $62.2 million, or $1.08 per share. Analysts, on average, were expecting a narrower loss of $0.94 per share on revenue of $238.5 million.

"As we prepare for the start of the lawn and garden season, our core business is on pace with our internal expectations and we continue to expect solid consumer and retailer engagement once the weather breaks," assured Scotts CEO Jim Hagedorn.

In the meantime, thanks to favorable corporate tax changes, Scotts raised both ends of its full-year adjusted earnings guidance by $0.45 per share, resulting in a new range of $4.60 to $4.80. But given Hawthorne's slow start, it also reduced its full-year sales outlook to call for growth of 2% to 4%, down from its old guidance for 4% to 6% growth.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.