By Shawn Langlois
SAN FRANCISCO (Dow Jones) -- American Axle & Manufacturing
Holdings shares shrugged off early declines to take part in
Friday's broader market advance, bouncing back after bankruptcy
fears were raised by the auto-parts maker's auditor.
American Axle (AXL) stock added 8% to 81 cents and has doubled
so far this week, taking a cue from the rally in shares of its
biggest customer, General Motors Corp. (GM).
GM's stock was up 23% to $2.68, nearly doubling since the
beginning of the week as well.
The Dow component rallied 17% on Thursday after the automaker
said it doesn't need the $2 billion of funding in March that it had
originally requested from the U.S. government.
Axle shares came under pressure early after Deloitte &
Touche, the same auditor that raised questions about GM last week,
said in a filing that "significant unfavorable consequences" could
arise from the collapse of GM and Chrysler LLC.
GM and Chrysler made up about 84% of American Axle's total net
sales during 2008.
Production of full-size truck and SUV programs at both
automakers dropped about 71% in the fourth quarter compared with a
year earlier, and the outlook for 2009 remains grim.