HLLY - Why Holley Crumpled 24% in July
Shares of high-performance auto parts manufacturer Holley (NYSE: HLLY) ran off the road in July, according to data from S&P Global Market Intelligence , plunging 23.9% and all of it coming at the very end of the month.
Holley provided a preliminary look at its second-quarter results and revised full-year guidance lower, which caused the market to slam the brakes in what had been looking like a good month for the auto parts maker.
Holley stock had been riding a wave higher all across July, closing out the day before its business update some 20% above where it started the month. In fact, Holley had surged 48% above its mid-May low point when it announced the snarls surrounding its supply chain were taking a toll on its business.
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Why Holley Crumpled 24% in July