Auto parts makers' stocks rally, as UAW's expanded strike provides a boost
Shares of auto parts makers traded mostly higher Friday, after the United Auto Workers union said it was expanding its strike to nearly 40 in-house auto-parts distribution centers of General Motors Co. (GM) and Stellantis N.V. (STLA). Shares of BorgWarner Inc. (BWA) rallied 2.4% in morning trading, and were the S&P 500's fifth-best performer. The stock has now gained 1.8% since the strike started late Thursday night. Among other auto parts makers, shares of Aptiv PLC (APTV) tacked on 0.8%, of Gentex Corp. (GNTX) gained 1.1% and of Lear Corp. (LEA) rose 1.0%. Meanwhile, Magna International Inc.'s stock (MGA) was an outlier, as it had climbed as much as 1.4% intraday, before pulling a U-turn to trade recently down 0.4%. GM's stock edged up 0.5% and Stellantis shares were up 0.8%. Ford Motor Co.'s stock (F) jumped 3.4%, enough to pace the S&P 500's gainers, after the UAW said it made some "real progress" in its negotiations Ford.
-Tomi Kilgore
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09-22-23 1112ET
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