Shares of auto parts supplier American Axle and Manufacturing Holdings Inc. soared 50 percent on heavy volume Wednesday as a deadline related to a financial covenant waiver approached.
http://StockEinstein.com offers free daily stock alerts on companies ready to run. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
The company was worried it would breach certain covenants with lenders because a substantial portion of its business was idled from the middle of May through the second week of this month during production shutdowns involving struggling automakers Chrysler and General Motors.
The company continues to have discussions with its lending group about further modifications to a $470 million revolving credit line.American Axle shares rose 67 cents, or 50 percent, to close at $2.01 in Wednesday trading. In after-hours trading, the stock gained another 6 cents.
StockEinstein.com has a dedicated team uncovering stocks ready to break and run. We apply time tested criteria and when one of these stocks meets or exceeds our benchmarks, our subscribers are immediately notified directly to their in-box.
This is a free service available only to our subscribers. Scroll to the bottom of this page to signup for free stock alerts and visit our site.
During 2009 our alerts have resulted in an average price gain of 80%+.
Disclaimer: Full disclaimer at http://StockEinstein.com/disclaimer.php
IMPORTANT: Never invest in any stock featured in any press release, email or website unless you can afford the loss of your entire investment. Stocks and particularly penny stocks have the possibility for dramatic gains, and also losses. Neither StockEinstein, nor any of its affiliates are registered investment advisors or broker dealers.
