Why BorgWarner Stock Was Sputtering This Week
A messy spinoff helped push down the value of automotive supplier 's (NYSE: BWA) stock over the past few trading days. This was compounded by an analyst price target cut. According to data compiled by S&P Global Market Intelligence, its price was down by slightly more than 8% week to date as of early Friday morning.
BorgWarner kicked off the week with that spinoff; its onetime fuel systems and aftermarket business is now a separate, publicly traded company known as Phinea. The separation wasn't exactly clean, with certain stock-tracking websites showing a notable post-spinoff price decline for BorgWarner shares.
Although the move is meant to be part of BorgWarner's tighter focus on next-generation auto technology like electric vehicles (EVs), it's possible some investors don't like the jettisoning of a legacy business.
Source Fool.com
Borgwarner Inc. Aktie
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