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Stock Market & Financial Investment News

News Breaks
December 26, 2012
16:28 EDTTMHagens Berman: Toyota agrees to fund a settlement of cases worth up to $1.4B
The attorneys representing Toyota (TM) owners who claim that their vehicles are prone to sudden, unexplained acceleration announced that Toyota has agreed to a settlement valued between $1.2B and $1.4B, which includes direct payments to consumers as well as the installation of a brake-override system in an estimated 3.25M vehicles. Under the terms of the proposed settlement, Toyota will install a brake-override system in vehicles subject to floor mat entrapment recalls. In addition, the settlement establishes a fund of $250M to be paid to former Toyota owners who sold their cars during the period from Sept. 1, 2009, through Dec. 31, 2010, to compensate those owners for an alleged reduced value as a result of publicity concerning unintended acceleration. A separate fund of $250M will be established to compensate current owners whose vehicles are not eligible for a brake-override system. The settlement also provides that all 16M current owners will be eligible for a customer care plan that will warranty certain parts that plaintiffs allege are tied to unintended acceleration for between three and 10 years. The agreement also provides $30M in education grants to independent academic institutions to further the study of auto safety and to enhance driver education. Judge James Selna is expected to review the proposed settlement on Dec. 28, 2012, and if he agrees with its fairness, will grant preliminary approval.
News For TM From The Last 14 Days
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April 17, 2014
07:58 EDTTMEU vehicle sales turnaround fails to stop price war, Reuters says
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April 16, 2014
08:12 EDTTMToyota prepares for slower growth after two profitable years, Reuters says
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April 15, 2014
18:11 EDTTMMajor Japanese automakers target 30% production increase in Asia, Nikkei says
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06:40 EDTTMToyota rivals Hyundai's Sonata with Camry revamp, Bloomberg says
Toyota (TM) is making aesthetic changes to its Camry sedan just halfway into the carís usual design cycle, which is a signal that the car manufacturer is eager to rival Hyundai's (HYMLF) Sonata, which also is being reworked for FY15, reported Bloomberg. Reference Link
April 14, 2014
14:18 EDTTMToyota targets 10% improvement in MPG for new engines, AutoNews says
Toyota is aiming for a 10% increase in the fuel efficiency of its new line up of engines which are set to arrive through the end of 2015, AutoNews reports. Reference Link
April 11, 2014
07:31 EDTTMChina auto sales growth slowed in March, WSJ reports
The China Association of Automobile Manufacturers said 1.71M passenger vehicles were sold there in March, which was up 7.9% from a year earlier but a slower growth rate than the 11% year-over-year increase seen in the January-to-February period, reported The Wall Street Journal. The association cited weak sales of minivans, which fell 23% in the month, as a large factor, the report noted. Publicly traded automakers include Ford (F), General Motors (GM), Fiat (FIATY), Honda (HMC), Toyota (TM), Nissan (NSANY) and Volkswagen (VLKAY). Reference Link
05:43 EDTTMToyota upgraded to Buy from Hold at Jefferies
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April 10, 2014
17:50 EDTTMToyota group members to expand repair shops in Southeast Asia, Nikkei says
Parts makers Denso and Aisin Seiki, and trading house Toyota Tsusho, intend to open repair shops in Thailand and Indonesia during 2014, Nikkei reports. Reference Link
13:44 EDTTMToyota unveils new, more efficient gasoline engines, AP reports
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06:32 EDTTMAutomakers have recalled nearly 15M vehicles since start of year, WSJ reports
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03:19 EDTTMToyota targets annual Chinese car sales of 2M units by 2025, Nikkei reports
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April 9, 2014
17:48 EDTTMToyota targets annual Chinese car sales of 2M units by 2025, Nikkei reports
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16:23 EDTTMOn The Fly: Closing Wrap
Stocks on Wall Street were higher after the minutes of the latest FOMC meeting struck a particularly dovish note. The averages, which were higher for the second straight session ahead of the minutes release, climbed to their highs over the final two hours of trade. Each index posted gains of over 1%, with the tech-heavy Nasdaq again the biggest winner. ECONOMIC EVENTS: The minutes for the March 18-19 FOMC showed that some committee members were concerned that its future interest rate projections could be misconstrued by the market as advocating tighter monetary policies. The minutes also showed that committee members expect to continue tapering the Fed's asset purchases if the economy performs as expected going forward. Wholesale inventories rose 0.5% in February, matching economists' forecast. COMPANY NEWS: Several auto majors were in the news, notably General Motors (GM), which fell 91c, or 2.64%, to $33.62 as the National Highway Traffic Safety Administration yesterday announced that it fined the automaker for failing to respond to the administration's inquiry into its recall related to faulty ignition switches in a timely manner. Analysts at Morgan Stanley also downgraded the stock to Underweight from Equal Weight. U.S.-listed shares of Toyota Motor (TM) fell $1.37, or 1.26%, to $107.73 after the company announced the recall of over 6M vehicles worldwide. A report from Automotive News said that Volkswagen (VLKAY) issued a stop-sale order on some of it newer-model cars, but U.S.-listed shares of the German automaker, which were upgraded earlier in the session by Bernstein to Outperform, were unfazed and gained $2.91, or 5.72%, to $53.78... Two notable initial public offerings took place today, with hotel chain operator La Quinta (LQ) gaining 12c, or 0.71%, to $17.12 and Chinese medical exam and screening center operator iKang Healthcare (KANG) gaining $1.20, or 8.57%, to $15.20, in their first day of trade. MAJOR MOVERS: Among the notable gainers was marketing software and solutions provider Constant Contact (CTCT), up $6.30, or 28.74%, to $28.22 after the company's preliminary first quarter revenue exceeded analysts' projection. Also higher was social media giant Facebook (FB), up $4.22, or 7.25%, to $62.41 after analysts at Susquehanna and SunTrust published positive commentary on the company. Among the noteworthy losers was Intuitive Surgical (ISRG), down $33.20, or 6.78%, to $456.64 after last night saying it expects first quarter revenue to come in well below expectations, though the stock was defended by no fewer than three analyst firms following the announcement. Also lower were a number of coal producers, including Alpha Natural Resources (ANR) and Walter Energy (WLT), which each lost more than 6%, and Arch Coal (ACI), which fell over 3%, after all three stocks were downgraded to Sell at UBS. INDEXES: The Dow was up 181.04, or 1.11%, to 16,437.18, the Nasdaq was up 70.91, or 1.72%, to 4,183.90, and the S&P 500 was up 20.22, or 1.09%, to 1,872.18.
12:18 EDTTMOn The Fly: Midday Wrap
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10:06 EDTTMOn The Fly: Analyst Downgrade Summary
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09:11 EDTTMOn The Fly: Pre-market Movers
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08:57 EDTTMToyota downgraded to Neutral from Buy at BofA/Merrill
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06:40 EDTTMCar sales rose 9% last month in China, China Daily says
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06:31 EDTTMToyota volatility expected to move on recall of over 6M vehicles worldwide
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05:57 EDTTMToyota announces recall of over 6M vehicles worldwide
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