Sonic Automotive Climbs Off Lows But Remains Firmly Negative

After gapping open sharply lower, shares of Sonic Automotive (SAH) have climbed well off their worst levels but continue to see significant weakness in afternoon trading on Wednesday. Sonic is currently down by 5.8 percent after hitting a three-month intraday low.

The initial sell-off by Sonic came after the automotive retailer warned its second quarter earnings were negatively impacted by lower than anticipated gross margins in certain key brands.

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