The day afterMoody’s Investors Service and Standard & Poor’s Ratings Services on Friday both put Sprint Nextel on their lists of companies whose credit could be downgraded soon. Sprint on Thursday reported a $29 billion write-off in its fourth quarter. Sprint’s stock closed Friday at $7.11, down 98 cents, or about 12 percent. Moody’s did say it is keeping Sprint’s investment-grade rating for now because the company generates significant cash flow.
Strike effects
A strike at the American Axle and Manufacturing Holdings auto parts plant has forced General Motors to shut down three more pickup truck factories, idling 12,000 workers, the company said Friday. Plants in Flint, Mich.; Fort Wayne, Ind.; and Oshawa, Ontario, were closing at the end of their second shift Friday.
