Fitch Ratings cut its ratings for American Axle & Manufacturing Holdings Inc. another notch into junk status, saying that the slump in the automotive industry will hurt the company's production levels more than previously expected.

Shares of several auto suppliers rose Tuesday, after news that Hurricane Gustav had largely spared the Gulf Coast and its oil facilities sent the price of crude down and the overall market up.

An analyst downgraded the auto parts sector Wednesday and cut an array of individual stocks, saying uncertainty remains about the health of the U.S. economy and the auto market.

For the first time in a long time, it looked as if oil was going to stay out of the market headlines.  No such luck. 

General Motors Corp. will furlough entire shifts of workers at some truck factories and may move them to nearby car plants as it restructures.

Lehman Brothers reduced its estimates for General Motors, cutting the share price target to $19.50 from $24, citing a fall in sales of pickup trucks and SUVs as well as a doubling of steel costs among headwinds facing the car maker.

Most business news this week took a back seat to oil's relentless climb, but there were still some notable moments. And CNBC guests had plenty of stocks to recommend for worried investors.

United Auto Workers officials Sunday urged American Axle & Manufacturing Holdings workers to ratify a contract that would cut wages by almost 40 percent, shutter three plants and end a three-month-old strike with a subsidy of $218 million from General Motors.

American Axle & Manufacturing Holdings and the United Auto Workers have made progress in talks aimed at ending a seven-week strike at five U.S. plants, but talk of a tentative agreement remains premature, a company spokeswoman said Thursday.

American Axle & Manufacturing Holdings said Wednesday it plans to return to the bargaining table with striking workers, signaling movement in a strike that has shuttered plants and cut vehicle production at General Motors.

General Motors said Tuesday it will close a seventh facility next week as the impact from a strike against American Axle & Manufacturing continues to widen for the No. 1 U.S. automaker.