Yahoo Finance Live anchors Brad Smith and Brian Sozzi discuss the S&P pullback and the rise in the stock price for LiveWire.
BRIAN SOZZI: All right, this is now the longest S&P 500 pullback from peak to trough since the March, 2009 low at 269 nine days and counting, according to research from Compound Capital Advisors. At a decline of 25.2%, this year's correction has been worse than the average pullback of 7.6% going back to 2009.
We're also watching, I should say, shares of LiveWire. That was the electric bike maker that was spun off last week via a SPAC from Harley Davidson. Those shares are rocketing out of the gate. They were up close to 25%, now up about 15%. And guys, I went to an event after we talked to Harley's CEO Jochen Zeitz on that LiveWire debut date. And very impressed with the bike, but also, talking to people there at the event, it seemed like preorders for it were very, very strong.
- Look, I think they've got a great product, and how they take it to the market is going to be key here, especially among a younger consortium potentially, or a consortium of customers in the future that are going to be more minded towards sustainability when it comes to their motorcycles. I really enjoyed looking at the bike. I sat on the bike when they first announced it, and were able to even within the Hog or the Harley-Davidson line of brands, introduce it years back.
And I think it's got a lot of opportunity to really kind of take on this new generation of motorcyclists out there. It's just a question about where the pricing mechanisms will be correct going forward in the future and how they'll be able to produce and deliver on that, too. This is still a bike that requires chips in order to operate, and so, at the end of the day, I think it's going to come down to not just the production but also the marketing ability at that particular cost. That price, about $19,000, $15,000 in the years ahead is going to be one of the new models. That's going to be what they have to sell people on.