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Auto Suppliers fall after House vote



By AP
29 September 2008 @ 03:14 pm EST

NEW YORK - Shares of many automotive suppliers plummeted Monday, along with the broader market, after the government's financial bailout package failed the House.

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Quotes
AXL 1.4 0.33
LEA 1.14 0.14
GT 5.01 0.83
VC 0.39 0.11
ARM 2.45 -0.21

SYMBOL LOOKUP

The Dow Jones industrials dropped as much as 705 points, before regaining ground then falling backing again, trading down 557.30, or 5 percent.

At its low, it was down 705.06, not far from its previous record for an intraday drop, 721.56, set during the first trading day after the Sept. 11, 2001, terror attacks.

American Axle & Manufacturing Holdings Inc. posted some of the largest losses, dropping 72 cents, or 11 percent, to $5.60 after plunging to $5.32 earlier. Over the past 52 weeks, its shares have traded between $4.10 and $28.11.

Meanwhile, Lear Corp. fell $1.14, or 9.7 percent, to $10.61, after reaching $10.23 earlier and passing its 52-week low of $11.21. Goodyear Tire & Rubber Co. fell $1.82, or 11 percent, to $14.75 after dropping to $14.43 earlier and passing its previous low of $14.71.

Visteon Corp. dropped 28 cents, or 12 percent, to $2.01, while ArvinMeritor Inc. fell $1.38, or 9.9 percent, to $12.56.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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