Investopedia: Segmenting The Business Doesn't Solve Federal-Mogul's Biggest Challenges
Although the passenger vehicle market has stayed relatively healthy in
the United States, slowdowns in Europe and emerging markets have left
many auto parts companies drifting this year. In the case of Federal-Mogul (Nasdaq:FDML),
it could be argued that macro pressures have hidden some of the cost
improvements the company is trying to make, while the weak performance
of the aftermarket business has likewise weighed on the numbers.
Although Federal-Mogul likely can do better from here, investors should
not lose sight of the risks that accompany the stock.