According to a Friday statement by Fiat Chrysler Automobiles NV (FCAU), over 162 000 Chrysler Pacifica minivans manufactured in 2017 are being recalled due to a software glitch that may lead to an engine stall.
As of 8:27 GMT on Monday the shares of Fiat Chrysler were gaining 0.10% (EUR 0.020) on the day to trade at EUR 19.150 on the Milan stock exchange.
In New York, Fiat Chrysler shares closed lower for the third time in the past nine trading sessions on Friday. The stock edged down 0.13% ($0.03) to $23.39, after touching an intraday high at $23.80 and also a fresh all-time high.
In the week ended on January 14th the shares of the vehicle manufacturer added 7.44% to their market value compared to a week ago, which marked a second consecutive period of gains.
The stock has extended its advance to 31.11% so far during the current month, following a 4.33% surge in December. The latter has been the first gain out of three months.
For the entire past year, the shares of the NYSE-listed auto maker soared 95.61% following a 0.55% dip in 2016.
The recall affects almost 154 000 vehicles across the United States as well as almost 8 000 others worldwide. Hybrid gas-electric versions of the Pacifica minivans, on the other hand, are to remain unaffected.
The auto maker said that, under a rare set of conditions, a minivans engine control module may not assess the engine’s operating status correctly and, as a result, the vehicle may stall. Additionally, the company noted that the majority of incidents, related with the software glitch, occurred either at low speed, or during vehicle start-up.
According to Fiat Chrysler, dealers are expected to update the engine control software. However, it was not immediately disclosed when the new version of the software would become available.
According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Fiat Chrysler’s stock price, have a median target of $18.80, with a high estimate of $34.90 and a low estimate of $10.10. The median estimate is a 19.61% decrease compared to the closing price of $23.39 on January 12th.
The same media also reported that 11 out of 28 surveyed investment analysts had rated Fiat Chrysler’s stock as “Hold”, while 9 – as “Buy”. On the other hand, 4 analysts had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Fiat Chrysler Automobiles NV (FCAU) are presented as follows:
Central Pivot Point – $22.84
R1 – $24.35
R2 – $25.31
R3 – $26.82
R4 – $28.33
S1 – $21.88
S2 – $20.37
S3 – $19.41
S4 – $18.45
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