MEMO: MORE JOB CUTS IN AUTO MANUFACTURING

Citing a soft U.S. auto market, auto parts giant Delphi Automotive Systems Corp. is cutting 11,500 jobs, or 5 percent of its work force.

Delphi also warned Thursday its first-quarter results will fall well short of Wall Street's expectations. Nevertheless, investors responded to the news by pushing shares up 4 percent.

Under the massive restructuring plan, Delphi plans to sell, close or consolidate nine plants and cut staffing at more than 40 other sites as it exits $900 million of what the company called "the weakest portion" of its businesses.