Cooper (CTB), Titan (TWI) Shares Tumble Amid Concerning N.A. Sales from Goodyear (GT)
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Although Goodyear Tire & Rubber Co. (NYSE: GT) reported quarterly results that were above Street estimates, shares of the stock are trading down more than 18% today. Traders are attributing much of today's downside to the 15% decline in North American sales announced with the Q3 results. Goodyear said that the bulk of the N.A. sales was to third-party chemical companies and that reduced demand and unfavorable foreign exchange on currency also weighed on earnings.
On the heels of this news we see that their results are affecting other tire makers. Shares of Cooper Tire & Rubber (NYSE: CTB) are lower by about 15%, and Titan International (NYSE: TWI), who earlier signed a Letter of Intent with Goodyear to purchase Goodyear Dunlop Tire France Amiens North Factory, is also lower by 7.75%.
On the heels of this news we see that their results are affecting other tire makers. Shares of Cooper Tire & Rubber (NYSE: CTB) are lower by about 15%, and Titan International (NYSE: TWI), who earlier signed a Letter of Intent with Goodyear to purchase Goodyear Dunlop Tire France Amiens North Factory, is also lower by 7.75%.
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