With the earnings season now halfway through, the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises were above their 10-year averages.
American Axle & Manufacturing has agreed to acquire Dowlais Group plc for $1.44 billion. This strategic move expands AAM's product portfolio across internal combustion and electric vehicles.
After a blistering Thursday that saw the S&P 500 close with its best session in nearly two years — up 2.3% — Wall Street’s price action turned sluggish on a Friday lacking market-moving economic events.
AXL stock results show that American Axle & Mfg Hldgs beat analyst estimates for earnings per share and beat on revenue for the second quarter of 2024.
American Axle & Manufacturing Holdings outperforms expectations in Q1 FY24 with sales soaring 7.7% year-on-year to $1.61 billion, driven by volume and mix. Adjusted EPS surpasses estimates at $0.18, while gross profit jumps 23.6% to $198.5 million.
Stocks look set to carry forward the upward momentum on Friday amid some earnings cheer, although a tinge of nervousness is evident ahead of the all-important non-farm payrolls report.
American Axle & Manufacturing Holdings' fourth-quarter results beat expectations. AAM's gross new and incremental business backlog launching from 2024 - 2026 is estimated at approximately $600 million in future annual sales.
Companies Reporting Before The Bell • Arbor Realty Trust (NYSE:ABR) is expected to report quarterly earnings at $0.44 per share on revenue of $97.65 million.
Shares of Airspan Networks Holdings Inc. (NASDAQ: MIMO) shares rose sharply during Wednesday’s session after the company announced a partnership with GCT Semiconductor to develop an RF module. Airspan Networks Holdings shares surged 381% to $0.3699 on Wednesday.
American Axle & Manufacturing Holdings Inc (NYSE: AXL) shares were tanking in early trading on Tuesday. There are no visible positive catalysts for the stock “until well into 2024,” according to BofA Securities.
