Why Did American Axle & Manufacturing Gain 64.6% in May?

In a sharp contrast to the March and April downtrend, American Axle and Manufacturing Holdings (NYSE: AXL) shares gained 64.6% in May, according to data provided by S&P Global Market Intelligence. Investors clearly believed the worst of the COVID-19 crisis is behind American Axle and that the company was undervalued. American Axle reported its first-quarter 2020 earnings on May 8 with adjusted earnings per share (EPS) of $0.20, below the $0.36 for the comparable quarter last year.