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Auto stocks are notably weaker here, with new lows for GM [GM
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], CarMax [KMX
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], and AutoNation [AN
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]; Ford [F
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] is down 7 percent but not at a new low. CarMax missed earnings, and suspended guidance for the year.
Info:
--3.6% decline in used selling prices
--credit availability tightening
--sales and traffic weakening since Memorial Day
This is similar to what Deutsche Bank was saying: they are lowering their U.S. auto sales forecast. In addition to weaker consumer demand, DB also noted there was now a mismatch between what consumers want to buy (smaller, more fuel-efficient cars) and what dealers have in inventory (SUVs and other gas guzzlers).
Bottom line: not only is demand down, but prices for used cars are down as well, so auto dealers are squeezed.
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- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
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