The trading lower of Douglas Dynamics' shares is likely a direct response to the preliminary results for Q4 and the full year 2023, which investors may perceive as negative. The implementation of a cost savings program often signals to the market that the company is looking to reduce expenses, possibly due to financial pressures or a strategy to improve profitability. This can have a mixed impact on investor sentiment, as it may be seen as a proactive step or a sign of underlying issues.