Hopes for a recovering auto industry buoyed car parts maker Sensata Technologies Holding (ST.N: Quote, Profile, Research) in its market debut on Thursday, sending its shares up as much as 5.6 percent.
Sensata manufactures sensors for automakers, thermal circuit breakers for aircraft, temperature controllers for electric motors, and other industrial technology. In 2009 more than half of its revenue came from the auto industry.
"One of its biggest customers right now is Ford and Ford is cranking on all cylinders," said IPO Boutique Senior Managing Partner Scott Sweet.
Ford Motor Co's (F.N: Quote, Profile, Research) U.S. sales of cars and light trucks in February were 45.3 percent ahead of where they were a year ago.
"As the economy turns it's highly likely that their upcoming quarters will be strong and their cash flow will improve," said Sweet.
Sensata's shares rose as much as 5.6 percent on their first day of trading on the New York Stock Exchange on after opening at their initial offering price.
Source : http://in.reuters.com/article/hotStocksNews/idINTRE62A31K20100312
Sensata manufactures sensors for automakers, thermal circuit breakers for aircraft, temperature controllers for electric motors, and other industrial technology. In 2009 more than half of its revenue came from the auto industry.
"One of its biggest customers right now is Ford and Ford is cranking on all cylinders," said IPO Boutique Senior Managing Partner Scott Sweet.
Ford Motor Co's (F.N: Quote, Profile, Research) U.S. sales of cars and light trucks in February were 45.3 percent ahead of where they were a year ago.
"As the economy turns it's highly likely that their upcoming quarters will be strong and their cash flow will improve," said Sweet.
Sensata's shares rose as much as 5.6 percent on their first day of trading on the New York Stock Exchange on after opening at their initial offering price.
Source : http://in.reuters.com/article/hotStocksNews/idINTRE62A31K20100312
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