American Axle stock falls after it says it’s not for sale

0
19

American Axle & Manufacturing Holdings Inc. (AAM) AXL, -13.52% stock retreated by 12.4% on Friday after the industrial company said it’s not on the selling block. “AAM is aware of the media activity regarding the company on Nov. 3,” the company said in a statement. “While our long-standing policy is to not publicly comment on market rumors and media speculation, we feel it is important to state that we are not engaged in any discussions to sell the company and that we are not otherwise for sale.” The company said that it “regularly” considers strategic alternatives “in the ordinary course of executing on our strategic plan” as it considers ways to serve the best interests of the company and its shareholders. Separately, AAM reported third-quarter profit of 27 cents a share, ahead of the Wall Street estimate of 24 cents a share, according to FactSet data. The company’s third-quarter revenue of $1.65 billion beat the target of $1.47 billion. Shares of American Axle & Manufacturing are now breakeven for the year, compared to a drop of 20.8% by the S&P 500 SPX, +1.37% so far in 2022.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleThe MarketWatch 50: Rohit Chopra is cracking down on big banks and Big Tech—and business groups claim he’s out of control
Next articleChina said to have set sights on a less disruptive COVID approach

LEAVE A REPLY

Please enter your comment!
Please enter your name here