This has certainly been a December to remember for Toyota. But not in a good way.
The automaker just recalled 121,930 cars in China to fix a problem that could result in loss of steering control.
A Toyota spokesman said the company does not provide cost estimates for recalls but said no accidents had been linked to the defects.
Earlier this week Toyota said its global vehicle sales plunged 21.8 percent in November, the biggest drop in eight years.
And just a few days before that Toyota, predicted that this fiscal year it would report its first operating loss in 70 years.
So why is Jeff Macke bullish on Toyota?
“You’re simply out of negative catalysts on the short side,” he says “and the stock has held $60 which is interesting on a technical basis. I’d recommend getting long with a stop at $57.”
“If you want to trade Toyota I’d also buy a put,” adds Pete Najarian. “I think the stock could be bottoming out but bottom pickers can get a hand full of you know what.”
Trading Toyota led to quite a heated discussion. Watch the video now!
