What is interesting is that there is a very mixed bag out there in the parts sector. Overweight ratings were seen in the following stocks: Autoliv Inc. (NYSE: ALV); BorgWarner Inc. (NYSE: BWA); Delphi Automotive PLC (NYSE: DLPH); Gentex Corp. (NASDAQ: GNTX); Harman International Industries (NYSE: HAR); Tenneco Inc. (NYSE: TEN); and TRW Automotive Holdings Corp. (NYSE: TRW).
We saw at least three “Underweight” ratings that are acting as an overhang: American Axle & Manufacturing Holdings Inc. (NYSE: AXL); Magna International, Inc. (NYSE: MGA); and Tower International, Inc. (NYSE: TOWR). All three are in the red this morning.
Neutral ratings are effectively a nonstarter, as they are neither helping nor hurting shares in general: Dana Holding Corp. (NYSE: DAN); Johnson Controls Inc. (NYSE: JCI); Lear Corp. (NYSE: LEA); and Visteon Corp. (NYSE: VC). We are seeing mixed trading up and down in the Neutral ratings.
JON C. OGG