David Leiker News
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With U.S. auto sales percolating at the best pace since 2007, parts suppliers are riding high, too -- and none more so than BorgWarner Inc.
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Navistar International Corp., the truckmaker under pressure from shareholders including Carl Icahn to boost its performance, fell the most since September after a $2 billion tax expense led a quarterly loss of $2.77 billion.
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Johnson Controls Inc., the largest U.S. auto-parts maker, fell the most in more than two months after saying profit will trail analysts’ estimates because European vehicle demand is falling and labor costs aren’t.
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A123 Systems Inc., the electric-car battery maker that filed for bankruptcy this week, had promising chemistry and marquee customers. What it couldn’t overcome, even with government funding, were missteps in manufacturing.
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Johnson Controls Inc. ’s unsolicited $1.25 billion offer for bankrupt Visteon Corp.’s interiors and electronics businesses may delay the company’s emergence from creditor protection, an analyst said.
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U.S. auto-part suppliers BorgWarner Inc. , Gentex Corp. and Tenneco Inc. are boosting revenue faster than vehicle sales are growing as safety and fuel-efficiency rules force automakers to adopt new technologies.
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Johnson Controls Inc., the largest U.S. auto supplier, said profit this fiscal year will rise 4 percent on a similar gain in sales, exceeding analysts’ estimates, as higher automobile production in the U.S. and China offsets a slump in Europe.
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BorgWarner Inc. , the world’s biggest maker of automatic-transmission parts, agreed to buy Haldex AB’s traction unit to add all-wheel drive equipment sales in Europe.
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A U.S. rule that may require all cars and light trucks sold in the country to have rear-view cameras won’t be issued by today’s deadline and may be delayed until after November’s presidential election, regulators said.
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Harman International Industries Inc., a maker of car infotainment systems, fell the most in 17 months after forecasting 2013 profit would fall short of analysts’ estimates because of the automotive slump in Europe.
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