Shortsellers' Favorite, Peugeot Drops On $1.5 Billion Write-down

Once again shortsellers of French automaker Peugeot SA (EPA:UG) (OTCMKTS:PEUGY) are enjoying their one day in heaven today. Shares of the company closed down 7.6% after it revealed a $1.5 billion write-down in its earnings release on Thursday.

Adverse forex and decreased synergies

The write-down was attributable to forex changes in Russia and Latin America and also from lesser than expected synergies between Peugeot SA (EPA:UG) (OTCMKTS:PEUGY) and its American ally, General Motors Company (NYSE:GM). The company also said that the shared synergies...