Industrials Down After Mixed Factory Report -- Industrials Roundup
Shares of industrial and transportation companies fell after a mixed factory report.
Industrial production, a measure of factory, mining and utility output, decreased a seasonally adjusted 0.3% in January from the prior month, the Federal Reserve said Friday. Utilities production skewed results, dropping 4% last month, as Americans cut back on energy consumption during a warmer-than-usual January.
Shares of American Axle & Manufacturing Holdings fell after the auto parts supplier reported a fourth-quarter sales that missed expectations, as results were hurt by a work stoppage at General Motors.
The response to the coronavirus is causing ripple effects on the global auto supply chain, according to other reports.
Fiat Chrysler Automobiles said it is temporarily halting production at a car factory in Serbia because it can't get parts from China, a sign of how the coronavirus outbreak is creating a domino effect of shortages.
For the same reason, union officials at two major General Motors factories in the U.S. are warning more production outages could come as certain parts at SUV and truck plants in Michigan and Texas run low.
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