Fiat Chrysler shares gain for a sixth session in a row on Friday, 1.8 million trucks to be recalled due to problematic gear-shifter

The US unit of Fiat Chrysler is to recall approximately 1.8 million trucks in the United States, Mexico, Canada and some other markets in order to help prevent owners from inadvertently moving the vehicles’ gear-shifters out of their park position.

In New York, Fiat Chrysler shares closed higher for a sixth consecutive trading session on Friday. The stock edged up 0.22% ($0.04) to $18.44, with the intraday high and the intraday low being at $18.46 and $18.27 respectively.

In the week ended on December 24th the shares of the vehicle manufacturer added 4.71% to their market value compared to a week ago, which marked the best performance since the week ended on November 5th.

The stock has extended its advance to 7.84% so far during the current month, following a 1.44% slump in November. The latter has been a second consecutive month of losses.

For the entire past year, the shares of the NYSE-listed auto maker dipped 0.55%. However, the stock has rebounded 102.19% so far in 2017.

The recall is to affect vehicles having shifters mounted on their steering columns, the company said. On the other hand, vehicles having rotary-dial shifters or floor-mounted shifters will not be recalled. All model-year 2017 trucks, manufactured after December 31st, will not be affected.

According to Fiat Chrysler, the vehicles’ brake transmission shift interlock may operate improperly in case specific high-temperature conditions are present for a longer period of time.

The auto manufacturer also said that it had been notified about seven cases of injuries and a “small number” of accidents, potentially related to the issue.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Fiat Chrysler’s stock price, have a median target of $18.49, with a high estimate of $34.90 and a low estimate of $9.97. The median estimate is a 0.25% surge compared to the closing price of $18.44 on December 22nd.

The same media also reported that 12 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 (NYSE:FCAU) are presented as follows:

Central Pivot Point – $18.30
R1 – $18.61
R2 – $18.77
R3 – $19.08
R4 – $19.38

S1 – $18.14
S2 – $17.83
S3 – $17.67
S4 – $17.50