American Axle shares rise after Reuters interview with CFO

American Axle’s shares rose more than 10 percent on Jan. 27 after Reuters reported exclusively that the company was on track to achieve its cost cut targets and expected to return to profitability this year. Reuters got the news in an exclusive interview with CFO Mike Simonte, who was responding to a debt analyst’s report that said American Axle was at a high risk for bankruptcy in the next 12 months. Simonte told Reuters the company has no plans to file for bankruptcy and had enough cash to complete its restructuring. American Axle shares, which had been trading down 10.2 percent, surged to be up more than 4 percent in a matter of minutes after the Reuters headlines.