Italy's Pirelli makes deeper cut to margin forecast after testing quarter

Italian tyre-maker Pirellion Wednesday cut its full-year margin forecast for a second time and scaled back its cash flow guidance after the COVID-19 pandemic delivered a quarter it said had tested it "more than ever".The manufacturer of tyres for Formula One and high-end carmakers such as BMWand Audi said the margin on its adjusted earnings before interest and tax (EBIT) would be around 12%-13% this year.Pirelli said in an earlier statement demand for car tyres had slid 28% in the first half and