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What: Shares of Federal-Mogul (NASDAQ:FDML) were charging higher today, gaining as much as 13% after announcing a new line of components for its "industry-leading" MOOG line of steering and suspension parts.
So what: It was a strong day overall for the auto manufacturers and suppliers as the market rallied on a jump in home prices and encouraging words from the Fed. Federal-Mogul's new control arm assemblies will be available for more than 10 vehicle models, which should help build on the supplier's competitive advantage in the automotive aftermarket. Executive Mark Boyle said, "The new parts build on quality and innovation as well as exceptional coverage of vehicles that have entered the aftermarket repair cycle." MOOG parts are also a favorite of NASCAR crew chiefs.
Now what: Shares of the auto supplier have been flying lately, more than doubling since it trounced earnings estimates a month ago, posting a profit on continuing operations when a loss was expected. Management's restructuring efforts appear to be taking hold, and today's announcement on new MOOG parts looks like another step in the right direction. You can stay up to date with Federal-Mogul by adding the company to your Watchlist. All you have to do is click right here.