Automobile-related stocks fall sharply after Detroit Three disappoint

• The broad automobile-related sector is slumping after the Detroit Three all post U.S. sales reports below expectations for April.
• Hertz Global (HTZ -7.1%) and Avis Budget (CAR -5.6%) in particular are being hit hard with Avis due to report earnings after the bell and some read-through on daily rentals from GM influencing trading.
• Retailers AutoNation (AN -2.5%), Asbury Automotive (ABG -3.3%), CarMax (KMX -1.9%), Lithia Motors (LAD -1.6%), and Group 1 Automotive (GPI -3.7%) are also lower.