American Axle Stung by GM, Chrysler Woes

Auto-parts maker American Axle & Manufacturing(AXL Quote), which derives a majority of its business from General Motors(GM Quote) and Chrysler(C Quote), reported unsurprisingly dismal first-quarter results Friday.

Still, the company managed to post a narrower loss than Wall Street had expected, and investors bid up its shares in response. In midday trading Friday, American Axle stock changed hands at $1.09, up 9%.

The Detroit company, which builds drive-train systems and chassis modules, said it lost $32.7 million, or 59 cents per share, in the quarter, wider than its year-ago loss of $27 million, or 50 cents a share. ...