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BWA - Some Progress At American Axle But Plenty Left To Prove
BorgWarner Inc.
American Axle & Manufacturing (AXL) (“AAM”) has had a volatile run since my last update on the shares. I wasn’t all that favorably inclined towards the company due to its heavy reliance on the U.S. market and long-term margin/efficiency issues, but I thought the valuation assumed a pretty dire outlook. Since then, the shares are down another 20%, with the stock dropping about 50% at the worst point (hurt by the strike at GM (GM) ) and then rebounding strongly on third quarter results.