Why Shares in BorgWarner Surged in May
Shares of automotive technology company BorgWarner (NYSE: BWA) rose 12.5% in May, according to data from S&P Global Market Intelligence. First, the company announced its first-quarter earnings at the start of May, and even though its organic year-over-year sales declined 8.1% in the quarter, it was a much better performance than the 19.6% decline in industry production. Second, BorgWarner resolved its dispute with automotive parts manufacturer Delphi Technologies (NYSE: DLPH) regarding a possible breach of a transaction agreement, and terms were amended in due course.