Goodyear Tire downgraded at SunTrust As previously reported, SunTrust downgraded Goodyear Tire to Neutral from Buy. The firm lowered estimates due to weaker mining datapoints and pending changes to Venezuela's currency system. Price target lowered to $28 from $34.
Goodyear rises after U.S. sets dumping margins on Chinese tire makers The U.S. Department of Commerce announced its affirmative preliminary determination in the antidumping duty investigation of imports of certain passenger vehicle and light truck tires from the People’s Republic of China. Commerce preliminarily determined that imports of certain passenger vehicle and light truck tires from China have been sold in the U.S. at dumping margins ranging from 19.17% to 87.99%. Mandatory respondents Giti Tire Global Trading and Sailun Group received preliminary dumping margins of 19.17% and 36.26%, respectively. All other producers/exporters in China received a preliminary dumping margin of 87.99%. Shares of Goodyear Tire (GT) are up 1.7% in pre-market trading following the determination, while Cooper Tire (CTB) is up 0.7%.