Honda (HMC) just makes sense
After writing Honda (HMC) is our only hope America just two weeks ago I knew investing in HONDA MOTOR CO (NYSE:HMC) would pay off. The stock is up 10% since then and with $4+ gas, HMC is one of the few companies to benefit from high gasoline/oil prices.
Honda shares are up 6% today because they are actually selling cars, and selling them in spades. HMC reported total sales rose 15.6% in May to 167,997 vehicles from 145,367 in the same month a year earlier.
Adjusting for one additional selling day in the latest month, total sales rose 11.3%.
The automaker said total car sales rose 31.9% to 114,796 vehicles from 87,064 last year. On an adjusted basis, car sales rose 27%.
Truck sales fell 8.8% to 53,201 vehicles from 58,303 a year ago. Truck sales were down 12.1% on an adjusted basis.
Acura division sales were down 6.5%, or 9.9% on an adjusted basis, to 14,893 vehicles from 15,920 last year.
Honda division sales were up 18.3%, or 13.9% on an adjusted basis, to 153,104 vehicles from 129,447 a year ago.
HMC shares are now $2 away from a 52-week high and the Masters believe they'll keep charging away thanks to out-of-control U.S. gas prices.
Topping all three was Honda Motor Corp.'s (HMC) Civic, which sold 53,299 units as the auto maker set a host of all-time U.S. sales records for the month, even outselling Chrysler for the first time. Honda is challenging Chrysler's hold on the title of fourth-largest seller of cars in the U.S.
Recent analyst action is great for Honda, today with shares up 10% from 2 weeks ago we still have another 10 points to gain before we hit the Wall Street price targets:
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