Fiat Chrysler Automobiles Shares Take A Tumble On EPA Accusations
Warrior Trading | Jan 15, 2017 03:38AM ET
Fiat Chrysler Automobiles NV (NYSE:FCAU)
Fiat Chrysler Automobiles N.V. (FCAU), an automotive company yesterday saw its stock fall on the announcement that the Environmental Protection Agency (EPA) issued accusations against Fiat for emissions cheating. The EPA has stated that Fiat has been using a “secret software” that allowed illegally high emissions for the Fiat’s ecodiesel models.
h3 FCAU Technical Analysis/h3“We’re pleased to see the EPA hot on the trail following our class-action lawsuit that called out Fiat Chrysler and Bosch for what we believe to be outright emissions fraud, akin to VW’s Dieselgate scandal,” said Steve Berman, managing partner of Hagens Berman. Business Wire
FCAU opened trading yesterday at $11.30 which was up from the previous day’s trading close of $11.09. FCAU closed trading yesterday at $9.95 equivalent to a 12% decrease in price from the opening. Taking a look at the daily chart we can see that the last time FCAU traded below these levels we have to go back to January 5th when it traded at $9.81. Taking a closer look at the daily chart we can see that before the spike down FCAU had been in an overall upward trend dating back to October 13th, 2016 when it traded at $6.16.
FCAU has a float of 1.27 billion shares and traded 8.9 times the normal daily trading volume on Thursday. For trading purposes, I would like to see FCAU open trading on Friday below $10.40 and if it does I would be looking to take a short position at the bell. My stop loss would be $0.15 from my entry position fearing anything more than that and the stock would start to fill in the gap down. Check out these links for more information on penny stock trading strategies we implement in their chat room!
h3 Company Profile/h3Fiat Chrysler Automobiles N.V., incorporated on April 1, 2014, is an automotive company. The Company is engaged in designing, engineering, manufacturing, distributing and selling vehicles, and components. The Company’s activities are carried out through six reportable segments: four regional mass-market vehicle segments (NAFTA, LATAM, APAC and EMEA), Maserati, and a global Components segment. The Company has operations in approximately 40 countries and sells its vehicles for the mass market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia and Ram brands, and the SRT performance vehicle designation. In addition, the Company designs, engineers, manufactures, distributes and sells luxury vehicles under the Maserati brand. The Company also operates in the components and production systems sectors under the Magneti Marelli, Teksid and Comau brands.
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The Company manufactures and sells passenger cars, light trucks and light commercial vehicles. The Company designs, engineers, develops, manufactures, distributes and sells vehicles and service parts under approximately 10 mass-market brands and designations. The Company has over 50 parts distribution centers throughout the world to support its customer care efforts. Its passenger car product portfolio includes vehicles, such as the Fiat 500, Alfa Romeo Giulietta, Dodge Charger and Lancia Ypsilon. Its light commercial vehicles include vans, such as the Fiat Professional Doblo, Fiat Professional Ducato and Ram ProMaster, and light and heavy-duty pickup trucks, such as the Ram 1500 and 2500/3500.
The Company also sells sport utility vehicles (SUVs) and compact utility vehicles (CUVs) in various vehicle segments, such as the Jeep Grand Cherokee, including Jeep Renegade. The Company’s Mopar brand accessories allow its customers to customize their vehicles by including after-market sales of products from side steps and lift-kits, to graphics packages, such as racing stripes and custom leather interiors. Through the Mopar brand, it offers vehicle service contracts to its retail customers around the world under the Mopar Vehicle Protection brand.
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