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It's running hot and/or lean, especially if the HC and CO numbers are super, super low. Intake leak, maybe cooling issue. O2 sensors typically fail rich, as do most other things in Motronic, so those wouldn't necessarily be the first things I'd check.
Fuel supply could be an issue, too -- though again, dribbling injectors tend to cause rich running conditions in my experience.
What's the O2 % reading on your smog test? High numbers there would indicate that your cat is shot.
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