Lear (LEA) Plummets as Company Edges Closer to Bankruptcy
More News related to ARM
- StockPreacher.com Issues Trading Overview for China Automotive Systems Inc.
- Infineon and ARM Announce Strategic Architectural License Agreement for Advanced Security Applications
- ARM Launches Solution Center to Foster Innovation and Speed Development of Android-Powered Devices
- 2010 IR Global Rankings: Invitation for Investors and Analysts Vote for Companies with the Best IR Program and for the Best IR Officer
- Goldman Sachs Boosts Price Target On ArvinMeritor (ARM) to $14
More News related to AXL
- Anderson Energy Announces 2009 Third Quarter Results
- American Axle & Manufacturing (AXL) Posts Q3 Loss of $0.18, Tops Street
- American Axle & Manufacturing Reports Third Quarter 2009 Earnings of $0.35 per share
- American Axle & Manufacturing Amends Stockholder Rights Plan
- Trading Radar for 10/30: Sony (SNE), Penske (PAG), Alcatel-Lucent (ALU) Report
More News related to BWA
- Innovative Sensors Reduce Emissions and Optimize Engine Performance
- Piper Jaffray Initiates Coverage on UQM Technologies (UQM) with an Overweight; Sees Significant Ramp in Sales Over Next 2-3 Yrs
- BorgWarner Expects $1.8 Billion of Net New Business for 2010-2012
- BorgWarner's eGearDrive(TM) Transmission Named 2010 Automotive News PACE Award Finalist
- Webcast Alert: BorgWarner Inc. Announces 2010-2012 Net New Business Conference Call
Shares of auto supplier Lear (NYSE: LEA) are getting whacked today as we are hearing numerous reports that Chapter 11 bankruptcy is becoming an increasingly likely option for the company. Shares of Lear have fallen from $18.12 over the last year (putting it at a market cap of over $1.4 billion) as the economic malaise has hit General Motors (OTC: GMGMQ) and Chrysler. In late-afternoon trading, Lear's stock is down more than 34% to under $0.60.
One source is indicating that Lear could announce a bankruptcy within several days. Apparently, Lear is having trouble digesting its massive debt load with lenders, several of which have already issued waivers extending expiration dates until Tuesday.
Other auto parts suppliers are having much better luck today: American Axle (NYSE: AXL) is up 0.6%, TRW Automotive (NYSE: TRW) is up 6%, ArvinMeritor (NYSE: ARM) is up 9% and BorgWarner (NYSE: BWA) is up 5%.
Related Categories
Corporate NewsInsiders' Blog
Stocks Mentioned
-0.04
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
