Pep Boys shares continue to tumble on 2Q results

Shares of Pep Boys _ Manny, Moe & Jack hit a 7-year low Thursday, as investors continued to fret about the auto parts retailer's future profits.

Pep Boys shares closed down 5 cents to $6.27, after tumbling to $5.80 earlier in the day. Over the past 52 weeks, the company's shares have traded between $6.25 and $16.67.

Thursday's drop marked the company's third day of declines since reporting disappointing fiscal second-quarter results late Monday.

Late Wednesday, Matthew J. Fassler of Goldman Sachs cut his profit predictions for Pep Boys' next three fiscal years, saying that it looks like the company has made limited progress on its turnaround plan.

Fassler cut his 2008 prediction by 5 cents to 10 cents per share, 2009 estimate by 4 cents to 28 cents per share and 2010 expectation by 2 cents to 34 cents per share.

Analysts polled by Thomson Reuters, on average, expect per-share profits of 17 cents in 2008, 38 cents in 2009 and 36 cents in 2010.

Fassler also lowered his price target by $1 to $8.