Toyota's Upbeat Profit Forecast, Stock Buyback Lift Shares
- CEO Toyoda trying to find efficiencies amid technology shift
- Japanese carmaker buying back up to $2.7 billion of shares
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Toyota Motor Corp. shares jumped the most in more than seven months after the automaker announced a stock buyback and gave a profit guidance that assuaged concerns about a slowing U.S. market and stronger yen weighing on earnings.
The world’s most valuable carmaker plans to buy back as much as 300 billion yen ($2.7 billion) of shares. The company’s 2.3-trillion-yen operating profit forecast also exceeded average analyst estimate.