Toyota Shares Up Again Tomorrow?
Investors in Toyota Motor Corporation (ADR) (NYSE:TM) should be looking for shares of the stock to rise on the New York Stock Exchange again tomorrow after the Japanese Company lifted its profit projection in its home country.
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Toyota Motor Corp. raised its earnings forecast and that helped to propel the Nikkei 225 (NKY) Stock Average up looking for that average’s highest close in more than three months. A drop in the yen also helped the outlook for exporters like Toyota.
Because shares of Toyota Motor Corporation trade on American Depository Receipts, US investors will likely see the NYSE shares rise tomorrow. An American Depositary Receipt (ADR) is a negotiable security that represents the underlying securities of a non-US company that trades in the US financial markets. ADRs trade on the US exchanges like shares of any US stock and they are denominated in US dollars, paying dividends in US dollars.
“It’s amazing that Toyota is forecasting net income of 200 billion yen even after all of these unusual circumstances -- the earthquake, Thai floods, Europe’s debt crisis,” said Masaru Hamasaki, who helps oversee $24 billion as chief strategist at Toyota Asset Management Co. in Tokyo. “I think we’ll see an earnings rebound across the auto sector and for manufacturers in general.”
Toyota Motor Corporation (ADR) (NYSE:TM) shares closed the day at $79.61 on February 7, up 2.45% with trading volume at 1.04M shares.