Goldman Sachs cut Federal-Mogi (NASDAQ:FDML), the auto supplier controlled by billionaire Carl Icahn, to “neutral” from “buy,” citing underperformance caused by “deterioration in auto sector fundamentals.” The shares fell 5.5 percent to $12.31. October 29, 2009...Federal-Mogul Reports Strong Financial Performance with Positive Third Quarter Earnings and Robust Cash Flow.
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Federal-Mogul Corporation (NASDAQ: FDML) continues to report strong gross margin and net income with greatly improved cash flow(2) on increased sales versus the first and second quarters of 2009, as the company's restructuring and cost reduction initiatives enhanced its quarterly performance. The company continues to benefit from strong customer, market and product diversification and gained market share in several product segments during the quarterFederal-Mogul Corporation is a leading global supplier of powertrain and safety technologies, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. The company's leading technology and innovation, lean manufacturing expertise, as well as marketing and distribution deliver world-class products, brands and services with quality excellence at a competitive cost. Federal-Mogul is focused on its sustainable global profitable growth strategy, creating value and satisfaction for its customers, shareholders and employees.
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