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Why AutoCanada (TSX:ACQ) Stock Fell 13% Today!
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AutoCanada(TSX:ACQ) stock has had a spectacular run this year. It’s up over 90%, despite the sell-off in the rest of the market and the slowdown in growth stocks. However, this morning, the stock dropped by double digits. Here’s a closer look at why AutoCanada stock is plunging and what investors need to know about the road ahead.
AutoCanada’s resurrection
My Fool colleague Brian Paradza, CFA described AutoCanada as the ultimate turnaround story. The business was failing until 2019. A painful restructuring and expansion into the U.S. allowed the company to rebound strongly. By early 2020, the company was reporting earnings that were far ahead of analyst expectations.