Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of American Axle & Manufacturing (NYSE:AXL) jumped as much as 13% after the company reported earnings.
So what: First quarter revenue rose slightly, to $755.6 million, and net income was $7.3 million, or $0.23 per share after adjusting for debt refinancing costs. Consensus estimate was for $750 million in revenue, and earnings of $0.16 per share.
Now what: Financial results aren't breaking any records, but they are stable for the time being. That provides a nice opportunity for investors, because shares are only trading at six times forward earnings estimates. I think the stock can move higher just based on value, particularly after this earnings beat.
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