Toyota Motors (TM), which gapped lower on news it was halting sales of some of its most popular vehicles due to a defect that causes unintentional acceleration, is down another $2.33 to $77.44 today. Reuters and New York Times reports Toyota is expanding its recall to include millions of vehicles in Europe and Asia. TM has now suffered a 5-day 14.3 percent slide and options activity is picking up as well. 9,430 puts and 4,530 calls traded so far, or about 7X the average daily. Feb 75 puts and 80 calls are the most actives, as investors take positions in anticipation of Toyota’s next move. Implied volatility is making a run towards 34, up about 1 percent today and up from about 26.5 before the 5-day slide began.

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