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News Breaks
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October 29, 2009
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| 11:11 EDT |  | GT |
| theflyonthewall.com: | Goodyear Tire sinks following Bank of America downgrade | | Goodyear Tire (GT) yesterday morning reported Q3 EPS of 45c, compared with analysts' consensus estimate of 40c. The company's revenue was also higher than expected. However, Goodyear predicted that its profits in North America would decline by up to $125M in Q4. The earnings decline will be spearheaded by a decline in demand for commercial truck tires and increased overhead costs. Bank of America today responded to the company's results and guidance by downgrading the stock to Underperform from Buy. The firm had expected Goodyear to report Q3 EPs of 55c, and it called the company's Q4 guidance "bleak." On the other hand, JP Morgan said that the sell-off in the company's stock is a buying opportunity. The firm, which maintains an Overweight rating on the stock, believes that the weak Q4 guidance can be attributed mostly to cost timing issues. In late morning trading, Goodyear retreated $1.17, or 8.69%, to $12.29, after sinking 19.6% yesterday. :theflyonthewall.com |
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