MotorVac Shares Drop
Shares of MotorVac Technologies plunged 33% Monday after the company’s disclosure late Friday that it expects second-quarter results to fall below estimates.
The Santa Ana-based automotive products company saw its shares skid 50 cents, to $1, in Nasdaq trading Monday. The company said Friday that the expected profit downturn stems from its largest distributor trimming inventory levels.
MotorVac, which makes products for repairing automotive fluid systems, said it expects to post a loss in the three months ended June 30. The company reported a $196,239 profit in the same year-earlier period.
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