Sonic Automotive (SAH) Volatility Higher; Shares Rebound Following Light Q2 Outlook

June 26, 2012 1:11 PM EDT
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Sonic Automotive, Inc. (NYSE: SAH) shares are showing higher implied volatility following Monday's 13 percent drop.

Monday, Sonic disclosed that second-quarter revs will rise just 10 - 13 percent from last year's number of $1.95 billion, leading to a top end of $2.204 billion. The Street was looking for revs of $2.23 billion. Further, EBITDA is expected to be flat as well with net income up just 2.1 percent.

Implied volatility is up 9 percent from yesterday's close to 64 percent. The level is 131 percent above of its trailing annual average.

Shares are 8.6 percent higher Tuesday afternoon.

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