Go Back   DealershipForum.com > Dealer Talk > Automotive Discussions

Notices

Automotive Discussions Car People talking about the Car Business This is the place where it happens

Reply
 
Thread Tools Display Modes
Old 02-11-2009, 10:50 PM   #1
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default Sonic Automotive suspends dividend and hires advisor

News reports indicate that Sonic Automotive suspended their dividend payment and has hired an adviser to evaluate their credit and liquidity options. Sonic is the nation's third largest auto group with 169 dealerships.

It will be interesting to see how the stock responds tomorrow morning. While the suspension of their dividend is not a surprise, the fact they're concerned about their liquidity may scare investors away.

Sonic is scheduled to report their earnings on March 3, 2009.

Here's a link to the news report: http://www.reuters.com/article/marke...0090212?rpc=44
XDCX is offline   Reply With Quote
Old 02-12-2009, 05:56 AM   #2
SHACOS
Super Moderator
 
Join Date: Jan 2008
Posts: 838
Default

Their stock is already low. I'm thinking this will take it closer to $1.
SHACOS is offline   Reply With Quote
Old 02-12-2009, 11:04 AM   #3
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default

Quote:
Originally Posted by SHACOS View Post
Their stock is already low. I'm thinking this will take it closer to $1.
Good call. The stock is currently trading at $1.70 down 15% for the day.

I remember listening to Sonic's Conference Call about this time last year and being impressed with their operations. That said, the auto market is soft and Wall Street is concerned with Sonic's ability to re-issue debt.

It will be interesting to see what happens from here.
XDCX is offline   Reply With Quote
Old 03-02-2009, 05:55 PM   #4
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default Sonic delays Earnings Release - Shares are at an All-time low

Sonic Automotive indicated that they're going to delay their Earnings Announcement from March 3rd to March 16th because they're still finalizing their fourth quarter results.

The stock traded down with the market today, reaching a new all-time low of $1.29/share.

Here's a link to their Press Release: http://biz.yahoo.com/prnews/090227/ch76829.html?.v=1
XDCX is offline   Reply With Quote
Old 03-06-2009, 10:17 AM   #5
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default Sonic shares reach and all-time low of $1.11/share

Although the market is mostly flat today, Sonic Automotive shares have dropped another 10% reaching an all-time low of $1.11/share.

It will be interesting to see what the company reports when they have their Conference Call on March 16th.
XDCX is offline   Reply With Quote
Old 03-09-2009, 10:27 AM   #6
XDCX
Administrator
 
Join Date: Nov 2007
Posts: 14,869
Default

Quote:
Originally Posted by SHACOS View Post
Their stock is already low. I'm thinking this will take it closer to $1.
Good call.....

As I type this post SAH is trading at exactly $1.00/share after reaching an all-time low of 94 cents/share on Friday. The stock is down more than 95% from its 52 week high.

As before, it will be interesting to hear what Sonic reports when they have their Earnings Announcement and Conference Call next week.
XDCX is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Dirty SA (Service Advisor altering parts prices on Repair Orders) vseries Automotive Discussions 5 07-22-2010 01:20 PM
US Fidelis suspends sales of Service Contracts XDCX Automotive Discussions 10 01-10-2010 07:53 PM
Chrysler hires Law Firm as Bankruptcy Counsel XDCX Sales 4 12-09-2008 11:55 AM
Sonic Automotive reports Mercedes Benz Warranty Work is down 23% XDCX Service 0 02-29-2008 03:45 PM
Sonic Automotive Conference Call - Strong Results in a Tough Market XDCX Automotive Discussions 4 02-27-2008 06:34 PM


All times are GMT -7. The time now is 10:54 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Copyright DealershipForum.com - 2008 - 2016