Sector Snap: Auto suppliers shares fall on GM cuts

NEW YORK (AP) - Shares of several auto suppliers tumbled to 52-week lows Tuesday, after General Motors Corp. announced further light truck production cuts as part of a plan designed to help the struggling automaker ride out the continued downturn in the automotive industry. GM said it plans to lower its annual truck production capacity by 300,000 units, 150,000 more than it announced in June. The Detroit-based automaker also will lay off salaried workers, suspend its dividend and borrow between $2 billion and $3 billion. GM said the moves will raise $15 billion to help cover losses and turn around its North American operations. But lower production at the U.S.-based automakers generally translates to lower sales and profits at the companies that supply them. American Axle & Manufacturing Holdings Inc., which derives the bulk... [read full story]