Toyota Shares May Have Bottomed (NYSE:TM)
Toyota Motor Corp. (NYSE:TM) has had enough of the critics, they are taking on the researchers and Wall Street may now be on-board with the company.
Shares of Toyota (TM) got down to $71 on Feb 23rd, since that time they have managed to inch back up to $77.94 gaining back almost 9% since the bottom (see chart below).
Barron's Tiernan Ray reported Toyota Motor (TM), annoyed by an academic report to Congress on the dangers of its accelerator pedals, held a press conference at 1pm today with its own academic, Chris Gerdes, the head of Stanford University’s Center for Automotive Research. MarketWatch reports Gerdes told the press he could not reproduce the findings of David Gilbert, professor at Southern Illinois University, who last month purported to show Congress how signals from the accelerator pedal in Toyota vehicles failed to be properly communicated. (Gilbert’s testimony is here.) Gerdes told the audience today he “could not replicate a circuit malfunction under actual driving conditions” and called Guilbert’s study misleading. (Toyota had issued a press release Friday rebutting Professor Gilbert’s assertions.)
The Shorts have attacked Toyota in the last month with an incredible 106% increase according to shortsqueeze.com, still with 1.5 billion shares outstanding, even 2.7 million short can't hurt this massive company. Could now be the time to buy? The chart screams yes but its hard to believe that consumers are going to the showrooms and exclaiming "Oh what a Feeling".