AlphaNinja - US stocks are up about a half a percent after yesterday's rout. Target beat earnings in the "new normal" fashion, which is to miss on revenue and cut costs enough to beat expectations.
American Axle & Manufacturing(AXL) is leading the gainers today, after an agreement with lenders , and some money coming their way from GM gives shareholders hope. They also included a new sales and operating earnings outlook:
•AAM expects sales to double from a range of $1.4 — $1.5 billion in 2009 to approximately $3 billion by 2013. This sales projection is based on the anticipated launch schedule for AAM’s $1.1 billion new and incremental business backlog and the assumption that the U.S. SAAR increases from a range of 9.5 million — 10 million vehicle units in 2009 and 2010 to a range of 13 million — 14 million vehicle units in 2013.
•AAM expects to generate EBITDA as a percentage of sales in the range of 12% — 15% for the years 2010 — 2013.
And the cost to insure against American Axle's debt continues to plummet, as their chance for survival improves. From CMA Datavision.