Tags: Nissan | Shares | Tokyo | Outlook

Nissan Shares Tumble in Tokyo on Lowered Outlook

Monday, 04 Nov 2013 08:11 PM

 

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Shares of Nissan Motor Co., Japan’s second-biggest carmaker, tumbled the most in more than two years in Tokyo trading Tuesday after the company lowered its profit forecast.

The stock fell as much as 12 percent to 850 yen, the biggest intraday decline since March 2011. Nissan had the largest drop in the Nikkei 225 Stock Average.

The maker of the Altima sedan last week cut its full-year net income forecast by 15 percent after demand in emerging markets slowed and recall costs mounted. Analysts at Deutsche Bank AG, Goldman Sachs Group Inc. and Credit Suisse Group AG cut their investment ratings on the stock.

The company also reduced its full-year global sales forecast to 5.2 million units, compared with an earlier forecast of 5.3 million. Nissan reported earnings Nov. 1. Japanese markets were shut Monday for a holiday.

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