Market Overview

Strong Results From 2 Leading Auto Suppliers Fails To Move Sector


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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