Lithia Motors Inc. (LAD) announced that it has increased its five-year revolving syndicated credit facility by $150 million to $800 million with ten institutions. The credit facility is expected to mature in April 2017.
The institutions include four auto manufacturing related finance companies and six commercial banks. The manufacturing-related companies include Mercedes-Benz Financial Services of Daimler [...]
LAD was one of a ton of breakouts that made pretty big moves right at the open, then promptly came back down to about where they opened. There apparently was a "glitch" in somebody's HFT program that caused the moves, and I would not be surprised if some of these trades get cancelled, which would suck it you were one of the ones selling this at today's top. This had a very strong price realtive line coming into today, but that probably had no bearing into whether it was targeted for HFT...
Lithia Motors (LAD) announced a profit of $7.2 million or 33 cents per share, before special items, in the third quarter, an improvement from $1.45 million or 7 cents per share in the year-ago period. This was attributed to increased sales due to the U.S. Government’s “Cash for Clunkers" cash incentive program for fuel-efficient vehicles. [...]