Oct 22- U.S. auto dealer Asbury Automotive Group Inc said sales slowed "significantly" in October, after demand for used cars helped it report a better-than-expected third-quarter profit. Asbury gets most of its revenue from the sale of luxury and foreign cars made by BMW, Mercedes-Benz, Honda and Nissan, among others.
Take a look at some of Tuesday's morning movers.
Check out which companies are making headlines after the bell Monday.
Shares of AutoNation Inc. and Group 1 Automotive Inc. fell sharply Thursday, even as the companies' results met the forecasts of analysts surveyed by FactSet. AutoNation shares dropped $2.11, or 4.4 percent, to $45.93 in afternoon trading. AutoNation's profit of 66 cents per share matched Wall Street estimates, as did Group 1' s bottom line of $1.32 per share.
NEW YORK- Global shares slide more than 1 percent and the euro falls as a slew of weak U.S. corporate earnings results and credit rating downgrades of several indebted regions of Spain triggered a new round of fears over the global economy (MARKETS-GLOBAL/, moving shortly, by Angela Moon, 1,050 words).
*Asbury plans to repurchase $25 M- $30 M of stock per year. Oct 23- U.S. auto dealership groups Sonic Automotive Inc and Asbury Automotive Group Inc posted higher third-quarter adjusted earnings as vehicle sales rose and costs stayed about flat.
CHARLOTTE, N.C.-- Auto dealer Sonic Automotive Inc. said Tuesday that third-quarter income fell 48 percent, dragged down by the cost of buying back company debt. Net income was $10 million, or 18 cents per share, for the three months ended Sept. 30. Shares of the Charlotte- based company fell 11 cents to $18.06 in morning trading.
NEW YORK-- Shares of auto parts retailers declined Wednesday after Sterne Agee& Leach downgraded Penske Automotive Group and Group 1 Automotive Inc., after their stock had gained value for months. Group 1 shares lost $1.34, or 2.1 percent, to $63.04 in afternoon trading and Penske stock lost 86 cents, or 2.7 percent, to $31.
The FMHR traders share their final trades of the hour.
The Fast Money traders also enjoy hearing from you. On Tuesday they tackled your questions about Amazon, Ford and more.
Cramer makes the call on viewers' favorite stocks.
Auto dealers and a couple small cap retailers are standouts today. The strong GM March numbers (sales up 43% vs. 27% estimate), combined with a strong earnings report from CarMax, is moving the automotive dealers like Sonic Automotic, Penske Automotive and Lithia Motors.
A modest pop in futures as the Consumer Price Index was flat, in line with expectations.
Yesterday was another 90 upside day (where 90 percent of the volume was on the upside), which, according to Lowry, is the eighth 90 percent upside day since the market bottom on March 9th. The S&P 500 is now positive for the year, the Dow Industrials still down 4 percent.
Late evening reports that President Obama has concluded bankruptcy for GM is the most likely course of action (apparently leaked by Congressional members) was no surprise to most traders in GM and analysts, who had come to that conclusion on Monday.