Auto Parts Suppliers Shares Up On Good News From ArvinMeritor

Wall Street gave auto parts suppliers their first break in some time after ArvinMertor posted its earning forecast.
Shares of auto parts makers rallied on Wednesday, a day after car and truck parts supplier ArvinMeritor Inc. issued a positive earnings forecast, citing better operational performance and strength in the commercial vehicle market.
ArvinMeritor shares soared $3.19, or more than 22 percent, to $17.58 on the New York Stock Exchange, where it was the top percentage gainer in afternoon trading. All figures in U.S. dollars.
After Tuesday’s market close, ArvinMeritor, which derives roughly half of its revenue from international operations, forecast earnings from continuing operations in the third quarter and full fiscal year at the high end of its previous target range, driven by improved operating performance and record commercial vehicle systems sales.
Its bullish outlook sent shares of other auto parts suppliers higher, with American Axle & Manufacturing Holdings Inc. rising $1.41, or 7 percent, to $21.55, and Dana Corp. adding $1.18, or 8.9 percent, to $14.36. Both were also among the NYSE’s top percentage gainers in afternoon trading.