Penske Automotive Slides After Acquisition Of McCoy Freightliner

Penske Automotive Group, Inc. (PAG) shares are sliding on Wednesday morning trade after the provider of specialty catalysts and services has announced yesterday that it has acquired McCoy Freightliner, retailor of medium and heavy-duty commercial trucks in Oregon.

Currently, shares are at $98.75, down 11.50 percent from the previous close of $111.58 on a volume of 227,019. For the 52-week period, the shares have traded in a range of $55.03-$114.34 on average volume of 349,996.

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