Baird Downgrades ATC Technology (ATAC) to Neutral
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Robert W. Baird downgrades ATC Technology (Nasdaq: ATAC) from Outperform to Neutral.
ATC released news late last night that it received verbal indication from Honda of their intention to in-source the remanufacturing of automatic transmissions as early as year-end. This remanufacturing made up about 10% of ATC's sales last year. As a result, the company has withdrawn its FY09 outlook.
Shares of ATC have sunk about 20% on the news. The stock most recently traded at $13.92.
ATC Technology Corporation, through its subsidiaries, provides outsourced supply chain logistics services and engineering solutions to the consumer electronics industries, and light and medium/heavy-duty vehicle aftermarket primarily in the United States.
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