Honda cuts its earnings forecast
POSTED: Monday, October 29, 2012 - 6:59am
UPDATED: Monday, October 29, 2012 - 7:45am
NBC News — Citing poor sales in China after a popular backlash against Japanese goods amid a territorial dispute between Tokyo and Beijing, Japanese automaker Honda slashed monday its full-year net profit forecast. Analysts expect bigger Japanese rival companies Nissan Motor, and possibly Toyota will follow suit when they report quarterly earnings early next week.
Honda officials warned it could be February before business in the world's biggest auto market returns to normal. Honda shares ended nearly 5% lower on the news on the Tokyo stock exchange.