Toyota issues another recall

Investor's Business Daily

The world's largest carmaker said it will recall 2.77 mil vehicles worldwide, which Deutsche Securities estimated could cost the company $380 mil-$500 mil. Toyota (TM), which has an IBD Composite Rating of 74, an EPS Rating of 81 and a Relative Strength Rating of 56, is recalling 2.76 mil Corollas made from 2000-06 to fix a steering component, and 630,000 Prius hybrids to replace water pumps. More than half the recalled cars are in Japan. Toyota Motor's image suffered after recalls of more than 10 mil vehicles from 2009-11 to fix unintended acceleration problems. Shares fell 1.9% to 76.41.

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