After the 2.3 million-vehicle recall this week, shares of Toyota Motor Co. (TM), along with parts makers and retailers with exposure to the Japanese automaker plummeted.
American depositary shares of Toyota were down 7.6% to $80.19. Fellow Japanese automaker Honda Motor Co. Ltd. (HMC) fell 1.6% to $33.95, though analysts said the company might benefit from Toyota's problems.
The Wall Street Journal gave the following numbers: “CTS Corp. (CTS), which supplies the part believed to have caused the problem for Toyotas, fell 7.2% to $8.01. Gentex Corp. (GNTX), which Amaturo said derives about 13% of its sales from Toyota, slipped 13 cents to $17.30, while BorgWarner Inc. (BWA), declined 3.1% to $35.10. Autoliv Inc. (ALV) slid 1.2% to $41.02.
Meanwhile, auto retailers with significant Toyota/Lexus exposure also dropped, including Group 1 Automotive Inc. (GPI), which fell 7.6% to $29.07, and Penske Automotive Group Inc. (PAG), which lost 4.4% to $14.18. AutoNation Inc. (AN) slipped 2.2% to $18.14.”
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription to EQUITIES Magazine
