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AN Slumps on Liquidity Concerns
AutoNation Inc. (AN - Analyst Report) slumped the most in more than 4 months on speculation that the largest publicly-traded U.S. car retailer continues to face liquidity concerns.
The Ft. Lauderdale, Florida-based company has been suffering due to waning auto sales amid tighter credit markets and the deepening recession. AutoNation has been impacted by sales declines in California and Florida, where it holds a majority of the market share. The company's debts and interest charges have also been mounting.
On Wednesday, the Zacks #3 Rank ("Hold") company announced a new incentive program, saying it would cover up to 6 months of car payments on new or used vehicles if a customer suffers a layoff.
Shares of AN are down more than 11% today.
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| Market Summary | Nov 26, 2009 07:37 am ET |
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