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NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by The Bellwether Report.

American Axle and Manufacturing (AXL) leads the list of top losers so far today and is now at $5.23, down $.43 (-7.52%) on volume of 875,157 shares traded. Over the last 52 weeks the stock has ranged from a low of $4.10 to a high of $28.11. American Axle and Manufacturing stock has been showing support around $4.79 and resistance in the $6....(Click the story link or go to http://www.marketintelligencecenter.com for the full story)

Visit StreetInsider.com at http://www.streetinsider.com/news.php?st=p&id=3991857 for the full story.

As GM goes so too goes the auto parts industry. Learn which auto part suppliers could feel the brunt of GM's pain.

Fitch Cuts American Axle's Credit Rating

Visit StreetInsider.com at http://www.streetinsider.com/news.php?st=p&id=3944878 for the full story.

Tenneco Inc. (TEN) is suffering from elevated commodity costs, oil prices and sizeable production cuts at General Motors (GM) and Ford (F). This leads us to rate the stock a Sell with a six-month target price of $13.[More...]

Sierra Wireless Inc. (SWIR), a leading developer of OEM  [original equipment manufacturer] wireless modem cards and access solutions, is being challenged with intensifying competition in the PC OEM market, coupled with unfavorable economic conditions. The company provided disappointing third-quarter financial guidance. We believe these concerns may restrict Sierra's near-term growth prospects. This is in lieu of the company's recent second quarter fiscal 2008 financial results that were above our expectations due to precipitous demand and requirements for wireless data cards, USB modems, and PC embedded modules. Long-run fundamentals for high-speed mobile broadband services remain firm. However, Sierra must receive new design wins or some cost-effective product transition with major customers in order to streamline its PC OEM business. We downgrade the stock to a Hold[More...]

Filed under: Bad news, Ford Motor (F), General Motors (GM)

General Motors Corp. (NYSE: GM) is not the only auto company in a world of hurt. Its vendors are as well. One of its larger suppliers, American Axle and Manufacturing Holdings, Inc. (NYSE: AXL) will likely be handing out buyout offers to a reported 2,000 U.S. workers. the official word will probably come tomorrow, when American Axlereports its Q2 earnings.

Expect more of this. As GM and other automakers like Ford Motor Co. (NYSE: F) reduce auto shipments, rearrange their product mixes and re-evaluate global strategies, the larger suppliers to those companies will see various levels of hits against them. Unfortunately, the U.S. auto industry is in for more hits throughout the remainder of 2008.

American Axle has an estimated 3,650 hourly workers in the U.S. -- so giving buyout offers to over half of them is a pretty significant step. In addition to that, between 200 and 350 U.S. salaried jobs with American Axle are being eliminated. The company also announced that it was reducing its average labor-hour cost down from above the $73 level to somewhere in the $40 range, saving it in the neighborhood of $300 million per year.

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Filed under: Analyst reports, Analyst upgrades and downgrades, Washington Mutual (WM)

MOST NOTEWORTHY: Anadigics, American Axle and Caterpillar were today's noteworthy downgrades:

• Stephens downgraded shares of Anadigics (NASDAQ: ANAD) following the company's Q2 results, as they believe shares could trade sideways until the macro environment improves. The firm lowered their target to $9 from $14. Jefferies downgraded shares to Hold from Buy to reflect the company's lower than expected outlook. The firm lowered their target to $9 from $15.
• Deutsche Bank cut American Axle (NYSE: AXL) to Hold from Buy to reflect the risk associated with the company's exposure to General Motors (NYSE: GM) and Chrysler. The firm lowered their target price to $7.50 from $11.
  
• JP Morgan downgraded Caterpillar (NYSE: CAT) to Neutral from Overweight based on increasing macro headwinds and likely multiple pressure.

OTHER DOWNGRADES:

• Washington Mutual (NYSE: WM) was cut to Sell from Neutral at Piper.
  
• United Microelectronic (NYSE: UMC) was downgraded to Sell from Neutral at Goldman.
  
• Downey Financial (NYSE: DSL) and City National (NYSE: CYN) were lowered to Market Perform from Outperform at Keefe Bruyette.

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Companies featured in this segment: American Axle and Manufacturing Incorporated (NYSE:AXL), General Motors Corporation (NYSE:GM), Black Hills Corporation (NYSE:BKH), Santos Limited's (NASDAQ: STOSY)

Companies featured in this segment: American Axle and Manufacturing Incorporated (NYSE:AXL), General Motors Corporation (NYSE:GM), Sempra Energy (NYSE:SRE), Siemens Project Ventures GmbH (NYSE:SI)

Companies featured in this segment: American Axle and Manufacturing Incorporated (NYSE:AXL), General Motors Corporation (NYSE:GM), Novavax Incorporated (NASDAQ:NVAX), General Electric (NYSE:GE), Penford Corporation (NASDAQ:PENX)

Companies featured in this segment: AK Steel Holding Corporation (NYSE:AKS), Archer Daniels Midland Company (NYSE:ADM), Dominion Resources Incorporated (NYSE:D), General Motors Corporation (NYSE:GM), American Axle and Manufacturing Incorporated (NYSE: AXL), Toyota Motor Manufacturing North America (NYSE:TM), Dow Chemical Company (NYSE:DOW)