Auto Suppliers Higher On Reports Of More Government Aid (LEA, TRW, AXL)

June 9, 2009 2:23 PM EDT

A number of auto part makers are higher today in part on reports from the Wall Street Journal that the companies plan to ask the Obama administration for another $10 billion in aid, as they work through the bankruptcies of General Motors (OTC: GMGMQ) and Chrysler LLC.

Ann Wilson of the Motor and Equipment Manufacturers Association said supplier trade groups intend to propose several new aid programs totaling between $8 billion and $10 billion.

Last month, suppliers Visteon and Metaldyne filed for bankruptcy and a number of others are teetering.

Lear (NYSE: LEA) and TRW Automotive (NYSE: TRW) are reaching out to creditors to re-work terms of their debt.

The U.S. Treasury already approved $5 billion for the industry earlier this year.

Stocks:

• Lear (NYSE: LEA) +31%
  
• TRW Automotive (NYSE: TRW) +2%
  
• American Axle (NYSE: AXL) +24%
  
• ArvinMeritor Inc. (NYSE: ARM) +7%
  
• Dana Holding Corporation (NYSE: DAN) +16%
  
• Tenneco (NYSE: TEN) +12%

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Related Entities

• Chrysler LLC
• The Children's Investment Fund (TCI)
• Bankruptcy
• Barack Obama

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