Car dealerships are reeling after a widespread cyber attack crippled their computer systems.
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
It was another mixed day on Wall Street as Nvidia continues its slide, bringing the Nasdaq down with it. The AI chip giant has fallen 15 percent since hitting an all-time high on June 20th. The Dow, however, was in an upswing ahead of what is expected to be a tame inflation report on Friday.
Investors are also preparing for quarterly results from FedEx, which are released on Tuesday.
In other news… a computer hack continues to cripple the nation’s auto dealerships. Two national chains, Auto Nation and Group 1 Automotive, told Reuters they are having to go old school and close deals using pen and paper.
Computer systems have been down since last week. That’s when hackers attacked CDK Global, a major software provider for back-office operations used by more than 15,000 auto dealerships across North America. Hackers want CDK to fork over millions of dollars in ransom, according to Bloomberg News.
Sales haven’t been impacted yet, but it is causing car sellers to work harder to seal the deal. CDK’s software provides info on pricing, financing, insurance quotes, and repairs. Analysts at Citi warn there is “some potential risk to late-June U.S. auto sales volume from the reported CDK dealer disruptions.”
Cyber-security experts say auto owners—no matter how long ago they bought their vehicles—need to be diligent and monitor their credit reports in the wake of this data breach.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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