Market Overview

Strong Results From 2 Leading Auto Suppliers Fails To Move Sector

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Strong results posted Friday by two leading auto suppliers pushed their shares higher but failed to move others in the sector.

Lear Corporation (NYSE: LEA), based in Southfield, Michigan, said net income grew 24 percent and beat expectations. The company, which makes seating and power systems, gained 5 percent in Friday's afternoon trading.

Delphi Automotive PLC (NYSE: DLPH) Gillingham, U.K., posted a 12.5 percent increase in net profits and also beat expectations. Delphi, which makes power-train and safety equipment, moved up 1.9 percent in the afternoon session.

A number of analysts have recently been bullish on the parts sector, citing rising demand. But there seemed to be little follow-through on Friday's news among other suppliers.

Dana Holding Corp. (NYSE: DAN), based in Maumee, Ohio, fell 2 percent while Southfield, Michigan-based Federal-Mogul Holdings Corp. (NASDAQ: FDML) moved up less than a point.

BorgWarner Inc. (NYSE: BWA), based in Auburn Hills, Michigan, fell 0.8 percent while Zeeland, Michigan's Gentex Corp. (NASDAQ: GNTX) was nearly unchanged.

TRW Automotive Holdings Corp. (NYSE: TRW), Livonia, Michigan, was nearly unchanged.

Posted-In: Earnings News Intraday Update

 

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