Why Shares of BorgWarner Are Down Sharply Today
Shares of auto parts supplier BorgWarner (NYSE: BWA) were down sharply in trading on Wednesday afternoon, after several major automakers said that they will temporarily shut down their North America factories because of falling sales and workers' concerns about the COVID-19 virus.
As of 3 p.m. EDT, BorgWarner's shares were down about 21% from Tuesday's closing price.
The story here is pretty simple: Several of BorgWarner's biggest customers suddenly won't be needing any parts for at least the next couple of weeks.
Source Fool.com