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Regarding subrpime woes at Harley Davidson (NYSE:HOG): This has been a theme here and elsewhere for months. It started when S&P put one series of securitizations on Credit Watch with negative implications because of a looming loss. That issue resolved itself, and S&P called off the dogs.

But in a report today Lehman Brothers is less sanguine. Analyst Felicia Hendrix said that in the wake of the subprime mess, she's growing more concerned about a rise in credit losses and delinquencies at Harley, which could be compounded by tighter lending practices, which in turn could slow the bike maker's unit growth projections.

She adds that many of Harley Davidson Finance's securitized loans "have underperformed, posting higher than expected credit losses and delinquencies."

The beat goes on...