Dana Ends Day Above Broader Market - TheStreet

NEW YORK (

TheStreet

) -- Auto-parts supplier

Dana

(DAN) - Get Report

spent the day bucking the downward trend of the broader market today after it offered an enthusiastic outlook for 2010 during a conference call with analysts.

Dana stock jumped 8% to $10.15 shortly after 10 a.m., and settled up 2.6% at $9.60. Its shares have soared exponentially since its March low of 41 cents.

Dana's trading volume Thursday also jumped to 7 million, almost double it three-month average volume of 3.7 million.

"Like most of you, we are glad that 2009 is coming to a close," Executive Chairman John Devine told analysts, according to

MarketWatch.

"For Dana, though, this has been a difficult, but I would say very important year in our development -- our efforts to rebuild and restructure the company are really bearing fruit -- so we are pleased about the progress we made in 2009 and excited about what's going to happen in 2010 and the future."

Dana has given a ballpark figure of about $500 million in profit from continuing operations in 2010, excluding items, which would be a marked improvement from this year. According to MarketWatch, a FactSet Research poll of analysts has arrived at a profit estimate of 45 cents per share in 2010, compared to an estimated loss of $2.10 per share this year.

Since Dana emerged from bankruptcy protection in early 2008, it has been sharpening its focus on its core areas of expertise: axle, driveshaft, sealing and the thermal-products businesses. So it wasn't a surprise when Dana announced on Wednesday that it had reached a deal to sell its global Structural Products business to Metalsa, the largest vehicle frame and structures supplier in Mexico.

Metalsa will be buying the equity, tangible and intangible assets of the business, and some of its affiliates, for up to $150 million, while assuming certain liabilities of the business. Meanwhile, Dana could realize a pre-tax loss in the range of $150 million to $180 million as a result of the transaction, to be recorded in the fourth quarter of 2009.

Other auto-supplier stocks ended the day mixed.

American Axle

(AXL) - Get Report

lost 2.7% at $7.20, but

ArvinMeritor

( ARM) added 2% at $10.40.

Magna

(MGA) - Get Report

fell 1.4% to $48.50.

-- Reported by Andrea Tse in New York

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Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.