Most auto stocks post big 3Q drops

The Detroit-based automakers continued to cut costs and restructure themselves as high gas prices and slumping consumer confidence continued to cut into their U.S. sales.

Vehicle sales in the later weeks of the quarter were also hurt by a tightening of the credit markets stemming from failures at banks such as Washington Mutual Inc. and Lehman Brothers.

General Motors Corp. posted some of the sector's largest losses, with its shares dropping 17 percent since June to close Tuesday at $9.45.

Meanwhile, Ford Motor Co. managed to end the quarter up 8.1 percent at $5.20. U.S. shares of Toyota Motor Corp. fell 8.7 percent in the last three months and closed Tuesday at $85.80.

The industrywide decline in vehicle sales, along with the subsequent drop in production, hurt the shares of automotive suppliers as well, with many posting double-digit drops for the period.

Among the major suppliers, American Axle & Manufacturing Holdings Inc. tumbled 33 percent to end the quarter at $5.36, while BorgWarner Inc. dropped 26 percent to close at $32.77.

Lear Corp. lost 26 percent to finish the quarter at $10.50, while Visteon Corp. dropped 12 percent to $2.32.

Despite continued high gas prices, shares of Winnebago Industries Inc. managed to finish up 27 percent at $12.92, while fellow recreational vehicle maker Fleetwood Enterprises Inc. dropped 61 percent to end at $1.02 and Thor Industries Inc. dropped 17 percent to finish at $24.82.