Friday, June 5, 2009

American Axle shares jump, despite auto woes

Those feelings drove the stock price higher Thursday, said David Silver, an automotive analyst with Wall Street Strategies.

"They're saying that they're confident they'll be able to stay in business," he said. "The news that the company is not going to go bankrupt -- that they're confident that they'll be able to stay it alone -- gives investors that little bout of confidence that picks the stock up."

Silver said, with so many GM factory closures, it will be difficult for American Axle to hold on outside of bankruptcy court.

"Judging from the plants that (GM) announced that they're going to idle and close," he said, "it just doesn't seem that American Axle is going to be able to do it."

For the full article, click the following link: http://finance.yahoo.com/news/American-Axle-shares-jump-apf-15443215.html?.v=1