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Interesting Car/Truck Manufacturer News
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<blockquote data-quote="Weather Man" data-source="post: 16802923" data-attributes="member: 137766"><p><h3><a href="https://seekingalpha.com/news/3863786-holley-stock-extends-decline-as-more-analysts-trim-targets?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Holley stock extends decline as more analysts trim targets</a></h3><p><a href="https://seekingalpha.com/symbol/HLLY?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">HLLY -18.09%</a>Aug. 01, 2022 11:41 AM ET</p><p>Holley Inc. (NYSE:<a href="https://seekingalpha.com/symbol/HLLY" target="_blank">HLLY</a>) stock marked yet another double-digit decline on Monday as more analysts cut ratings on the name.</p><p>Shares of the Bowling Green-based manufacturer fell nearly 21% at the intraday low on Monday, adding to a 36.94% decline for the stock on Friday.</p><p>Last week’s steep slide was motivated by the release of its second quarter preliminary results, which reflected softening sales and slashed full-year guidance.</p><p>“Second quarter sales fell short of expectations, driven by microchip shortages and other supply chain challenges that prevented us from building and shipping many of our most popular products,” CEO Tom Tomlinson explained. “Growth in DTC sales was more than offset by resellers that reduced their purchases below their out-the-door sales levels, indicating that some sell-down of reseller inventory also occurred in the quarter. This is all against the backdrop of challenging economic conditions and softening consumer demand.”</p><p>Following the surprisingly pessimistic report, multiple analysts slashed their guidance on the stock as well.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16802923, member: 137766"] [HEADING=2][URL='https://seekingalpha.com/news/3863786-holley-stock-extends-decline-as-more-analysts-trim-targets?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Holley stock extends decline as more analysts trim targets[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/HLLY?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']HLLY -18.09%[/URL]Aug. 01, 2022 11:41 AM ET Holley Inc. (NYSE:[URL='https://seekingalpha.com/symbol/HLLY']HLLY[/URL]) stock marked yet another double-digit decline on Monday as more analysts cut ratings on the name. Shares of the Bowling Green-based manufacturer fell nearly 21% at the intraday low on Monday, adding to a 36.94% decline for the stock on Friday. Last week’s steep slide was motivated by the release of its second quarter preliminary results, which reflected softening sales and slashed full-year guidance. “Second quarter sales fell short of expectations, driven by microchip shortages and other supply chain challenges that prevented us from building and shipping many of our most popular products,” CEO Tom Tomlinson explained. “Growth in DTC sales was more than offset by resellers that reduced their purchases below their out-the-door sales levels, indicating that some sell-down of reseller inventory also occurred in the quarter. This is all against the backdrop of challenging economic conditions and softening consumer demand.” Following the surprisingly pessimistic report, multiple analysts slashed their guidance on the stock as well. [/QUOTE]
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