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SAH News
SAH Events
Lithia & Driveway Shares Rise Over 7% as Penske Automotive Agrees to $16.3B Merger
Shares of Lithia & Driveway (LAD) are up more than 7% in morning trading as Penske Automotive (PAG) agreed to a $16.3B merger deal to be taken private by Motown Acquisition, an entity owned by Penske Corporation and Mitsui. CarMax (KMX) is also higher after BofA double upgraded the stock to Buy from Underperform, saying FTC price transparency enforcement - combined with CarMax's own initiatives - has made the retailer "the most price competitive it has been in years." Other auto dealers moving higher today include AutoNation (AN), Group 1 Automotive (GPI), and Sonic Automotive (SAH).
Sonic Automotive Acquires Porsche Walnut Creek
Sonic Automotive announced the acquisition of Porsche Walnut Creek, further expanding its presence in the Bay Area market. Financial terms were not disclosed.
Sonic Automotive Q2 Revenue of $3.9B Beats Expectations
Reports Q2 revenue $3.9B, consensus $3.78B. David Smith, Chairman and Chief Executive Officer of Sonic Automotive, stated, "Our second quarter performance reflects the strength of Sonic's diversified business model and the commitment of our teammates across the organization. We generated second quarter record consolidated revenues of $3.9 billion and all-time record quarterly gross profit of $616.2 million, driven by growth across our diversified operating segments. EchoPark delivered double-digit unit volume growth and second quarter record gross profit, while Powersports achieved record second quarter revenue and gross profit. Our latest results and outlook reaffirm our commitment to investing in differentiated platforms that broaden our earnings base and position Sonic to create sustainable long-term value for our stockholders."
Nasdaq Plummets Amid Chip Maker Sell-Off
Stocks fell sharply on Friday and closed the week with losses amid another round of selling of chip makers along with geopolitical tensions. The Nasdaq was the laggard as semiconductor manufacturers plunged on concerns that hyperscalers will invest less in AI infrastructure and worries about improving Chinese AI models. Meanwhile, pro-inflationary risks gathered momentum as the war in the Middle East continues and fuel costs pick back up. Adding another potential headwind, President Trump claimed in an address last night that China interfered in the 2020 presidential elections, risking the economic truce that has been holding since last year's tariff exchanges.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Netflixshares slid after the streaming giant forecast a, overshadowing an otherwise in-line quarterSpaceX, citing an issue with some of the enginesCDC issued aas it investigates a multistate outbreak of Cyclospora infections linked to lettuce served at Taco Belllocations in 5 statesTravelersjumped after reporting what its CEO calledAppleovertook Nvidiato once again be the2. WALL STREET CALLS:HSBCAppleto Buy on what the firm sees as an "operational turning point"AST SpaceMobileto Buy at B. Riley after 44% declineEchoStarto Strong Buy from Market Perform at Raymond JamesSonic Automotiveto Neutral at Seaport ResearchChili's parent Brinkerwith an Overweight at Stephens3. AROUND THE WEB:PayPalboard views Stripe-Advent bid as inadequate, Reuters reportsMetain talks with Anthropic on potential $10B computing power deal, NYT saysThe COO for WalmartU.S. to leave this week, WSJ reportsChevronexploring pipeline as Hormuz alternative, WSJ reportsACI Worldwideexploring sale of billing division, Reuters reports4. MOVERS:Nvidia, Intel, AMD, Broadcom, Marvelland Qualcommwere among theamid a broad unwind of the AI tech tradeCoca-Colashares slipped after the beverage company said it hasafter an unauthorized third party gained access to some of its systemsRegenxbiodeclined after an underwrittenof its common stock priced at $9.00 per shareDutch Brostraded higher after the stock was initiated with anat StephensSweetgreenbounced back from a four-day skid after U.S. authorities said a parasite outbreak that's sickened thousands across several states was traced torestaurants5. EARNINGS/GUIDANCE:Autolivfell after the airbag and seatbelt maker reportedthat narrowly missed consensus estimatesIntuitive Surgicaltumbled after the robotic-surgery company said it now expectsto fall near the midpoint of its guidanceStaar Surgicaldropped after the maker of implantable lenses postedAlcoareportedthat missed consensus expectationsRegions Financial, Fifth Thirdand Truist Financialwere among theQ2 resultsINDEXES:The Dow fell 406.55, or 0.77%, to 52,146.42, the Nasdaq lost 361.70, or 1.40%, to 25,520.24, and the S&P 500 declined 76.08, or 1.01%, to 7,457.69.
Nasdaq Falls Over 1% as Chip Makers Plunge
Stocks fell sharply on Friday amid another round of selling of chip makers and new geopolitical tensions. The Nasdaq was the laggard, falling over 1%, as semiconductor manufacturers plunged on concerns that hyperscalers will invest less in AI infrastructure and worries about improving Chinese AI models. Meanwhile, pro-inflationary risks gathered momentum as the war in the Middle East continues and fuel costs pick back up. Adding another potential headwind, President Trump claimed in an address last night that China interfered in the 2020 presidential elections, risking the economic truce that has been holding since last year's tariff exchanges.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Netflixshares slid after the streaming gianta second consecutive quarter of slowing sales growth, overshadowing an otherwise in-line quarterSpaceXscrubbed a, citing an issue with some of the enginesCDC issued aas it investigates a multistate outbreak of Cyclospora infections linked to lettuce served at Taco Belllocations in 5 statesTravelersjumped after reporting what its CEO called ""Appleovertook Nvidiato once again be the2. WALL STREET CALLS:HSBCAppleto Buy on what the firm sees as an "operational turning point"AST SpaceMobileto Buy at B. Riley after 44% declineEchoStarto Strong Buy from Market Perform at Raymond JamesSonic Automotiveto Neutral at Seaport ResearchChili's parent Brinkerwith an Overweight at Stephens3. AROUND THE WEB:PayPalboard views Stripe-Advent bid as inadequate, Reuters reportsMetato hire senior AWSexecutive amid cloud push, WSJ reportsThe COO for WalmartU.S. to leave this week, WSJ reportsChevronexploring pipeline as Hormuz alternative, WSJ reportsBPand ConocoPhillipsto announce major investments in Iraq, CNBC reports4. MOVERS:Nvidia, Intel, AMD, Broadcom, Marvelland Qualcommwere among the chipmakers extending their selloff amid aof the AI tech tradeCoca-Colashares slipped after theit has temporarily suspended production operations of its Fairlife milk after an unauthorized third party gained access to some of its systemsRegenxbiois trading lower after an underwritten publicof its common stock priced at $9.00 per shareDutch Brostraded higher after the stock wasat StephensTango Therapeuticsadvanced after Mizuhoon the cancer drug developer5. EARNINGS/GUIDANCE:Autolivfell after the airbag and seatbelt makerQ2 adjusted EPS that narrowly missed consensus estimatesIntuitive Surgicaltumbled after the robotic-surgery company said it now expectsto fall near the midpoint of its guidanceStaar Surgicaldropped after the maker of implantable lenses postedAlcoaQ2 adjusted EPS and revenue that missed consensus expectationsRegions Financial, Fifth Thirdand Truist Financialwere among the latest banks to reportINDEXES:Near midday, the Dow was down 0.18%, or 94.32, to 52,458.65, the Nasdaq was down 1.30%, or 337.34, to 25,544.61, and the S&P 500 was down 0.72%, or 54.41, to 7,479.36.
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