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Tire-Kickers Like What They See in Auto Dealers
Shares of auto dealers moved into high gear Thursday, a day after United Auto Group (UAG Quote) raised its fourth-quarter earnings outlook, citing strong sales growth for its foreign brands.
Goldman Sachs helped the group by issuing a positive research note on rival Group 1 Automotive (GPI Quote), saying the stock is attractive in the near term because of the success of 0% financing, which is allowing car makers and dealers to sell more vehicles.
The auto dealers have seen their shares rebound with the rest of the market since the terrorist attacks in September. United Auto, AutoNation (AN Quote) and Sonic Automotive (SAH Quote) touched 52-week highs Thursday. But some caution that investors may have gotten ahead of themselves. ...
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