Late Market Roundup (BWA, MGA, TEN, DAN, TWX, SFD)

Analysts at JP Morgan lowered its ratings and estimates on many auto-parts makers due to its lowered Q2 projections for car sales and production. Shares of BorgWarner Inc BWA, Magna International Inc MGA, Tenneco Inc TEN and Dana Holding Corp DAN moved down more than 3% after the companies were downgraded from “overweight” to “neutral.” As per the media reports, Piers Morgan will be replacing Larry King on Time Warner Inc’s TWX owned CNN in the month of January. Shares of TWX gained about 0.8% following the news. Shares of Smithfield Foods Inc SFD gained about 2.5% after the company swung to profit in the fiscal first-quarter after its hog-production unit turned to profitability. The company reported its earnings at $0.46 per share, in-line with the consensus. The company’s sales increased 7% y/y to $2.9 billion, as compared to analysts' estimate of $2.98 billion. Crude-oil futures moved up after a slight improvement in the concerns of Europe's outlook. Crude oil for October delivery gained 0.5%, to $74.44 per barrel on the New York Mercantile Exchange (NYMEX). Crude oil fell along with the US stocks yesterday after the investors returned from a long holiday weekend. Tom Bentz, an analyst with BNP Paribas Commodity Futures said, "A little firmer stock market may have provided a little lift to oil.” Read more from Benzinga's Markets.