American Axle Sells Off; Attracts Bears (AXL)

Shares of American Axle & Manufacturing Holdings AXL are falling hard today; the stock is currently off 6.76% at $8.42. The stock was flirting with the 50-day moving average, but has failed to regain that level and are heading lower. The stock is now sitting right on the 200-day moving average. Options action in the name is favoring the put side today. The May $9 put was purchased over 2,000 times today on open interest of 506 contracts, which suggests new, bearish positioning. The July $8 put was also purchased 1,000 times on open interest of 1,944 contracts. Put volume is running at 4.03x the daily average with 65% of all call purchased being purchases on the offer. American Axle & Manufacturing Holdings Inc. manufactures, engineers, designs and validates driveline and drivetrain systems and related components.