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Toyota Feels Headwinds
By Zacks Investment Research on November 6, 2008 | More Posts By Zacks Investment Research | Author's Website
A 68% drop in annual profit! Stock value eroded by 18.37% in a day! If you are thinking these are another round of horrific figures from the beleaguered automakers of Detroit, think again. The distress signal comes from none other than Toyota (TM), the Japanese company that has managed to keep steady in the perfect storm.
That story changed today. Toyota’s net income for the year is now pegged at 550 billion yen ($5.6 billion) for the year, down from the earlier forecast of 1.25 trillion yen. The damage was caused by the two-pronged attack from global slump in sales and a stronger yen, both results of the global slowdown.
The management could not provide much hope to investors. Reuters quoted Toyota Executive Vice President Mitsuo Kinoshita as saying it’s difficult to provide a timeline about when the environment will stabilize. The stock is trading down at $65.61.
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