American Axle Surges After Profit Beats Estimates: Detroit Mover
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American Axle & Manufacturing Holdings Inc. rose the most in 17 months after the maker of axles and crankshafts reported first-quarter earnings that exceeded analysts’ estimates.
The shares rose 7.9 percent to $14.82 at the close in New York, the biggest one-day increase since Nov. 30, 2011. The Detroit-based company’s stock has gained 32 percent this year compared with a 13 percent rise in the Standard & Poor’s 500 Index.