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Stock Market & Financial Investment News

News Breaks
February 1, 2013
06:24 EDTGTGoodyear Tire to exit farm tire business in EMEA region
On January 31, the company announced in an 8-K filing that it intends to exit the farm tire business in the Europe, Middle East and Africa region and, accordingly, GDTF has initiated a plan to also discontinue farm tire production at the Amiens North manufacturing facility, which would result in the full closure of that facility. GDTF has initiated communications with affected associates regarding the full closure of the Amiens North manufacturing facility. The plans remain subject to consultation with the European Central Works Council, GDTF’s employee representatives and other relevant bodies in the EMEA region. In conjunction with these actions, in 4Q12, it recorded $74M and now estimates that the total charges associated with the above plans will be at least $230M, $191M of which have now been recorded. The remaining charges will be recognized as costs are incurred in future periods. Non-cash charges for accelerated depreciation of approximately $20M are expected to be offset by non-cash pension curtailment gains. The actions would eliminate approximately 6M units of high-cost physical capacity, although GDTF currently produces approximately 1.3M tires per year at the Amiens North manufacturing facility. The actions are expected to improve EMEA operating income by approximately $75M annually, as compared to 2012 results, following the closure.
News For GT From The Last 14 Days
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February 10, 2016
10:01 EDTGTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Akamai (AKAM) upgraded to Buy from Hold at Craig-Hallum... Banco Bilbao (BBVA) upgraded to Outperform from Underperform at Exane BNP Paribas... Coca-Cola (KO) upgraded to Hold from Sell at Societe Generale... Dean Foods (DF) upgraded to Outperform from Market Perform at Bernstein... Dr. Reddy's (RDY) upgraded to Buy from Underperform at CLSA... Essex Property Trust (ESS) upgraded to Hold from Sell at Zelman... FireEye (FEYE) upgraded on positive outlook at BTIG... Goodyear Tire (GT) upgraded to Outperform from Underperform at CLSA... Hess Corp. (HES) upgraded to Conviction Buy from Neutral at Goldman... Hudbay Minerals (HBM) upgraded to Buy from Hold at Canaccord... PROS (PRO) upgraded to Hold from Sell at Craig-Hallum... Press Ganey (PGND) upgraded to Outperform from Neutral at Baird... Salesforce (CRM) upgraded to Buy from Outperform at CLSA... Seattle Genetics (SGEN) upgraded to Buy from Hold at Cantor... Shire (SHPG) upgraded on valuation at RBC Capital... SolarCity (SCTY) upgraded to Strong Buy on valuation at Raymond James... Spark Energy (SPKE) upgraded to Buy from Neutral at Janney Capital... Textura (TXTR) upgraded to Hold from Sell at Benchmark... TransDigm (TDG) upgraded to Gradually Accumulate from Hold at Wellington Shields... Trimble (TRMB) upgraded to Buy from Hold at Needham... U.S. Bancorp (USB) upgraded to Outperform from Market Perform at Wells Fargo... Zurich Insurance (ZURVY) upgraded to Neutral from Underweight at JPMorgan.
06:26 EDTGT, GTGoodyear Tire upgraded to Outperform from Underperform at CLSA
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February 9, 2016
12:18 EDTGTOn The Fly: Top stock stories at midday
Stocks have moved in a fairly wide range, with the Dow beginning the session with triple digit losses, moving briefly into positive territory, and now hovering near the flat line. Oil prices continue to dictate the equity market's direction, as each move of oil prices toward the plus side is followed by a subsequently positive move for stocks. With oil back below $30 per barrel, the major averages have found it hard to maintain any upward momentum. ECONOMIC EVENTS: In the U.S., wholesale sales dipped 0.3% in December, while inventories fell 0.1%. The Labor Department's Job Openings and Labor Turnover Survey showed job openings rose 261,000 in December to about 5.61M. In Asia, most major markets remain closed for Chinese New Year, but one of the exceptions, Japan, saw its main indexes plunge, as the Nikkei dropped 5.4% and the Topix fell 5.5%. COMPANY NEWS: Class A shares of 21st Century Fox (FOXA) declined 3% after the company reported lower than expected second quarter revenue, while peer Viacom (VIAB) tumbled 15% following its own revenue miss. The results of the two media conglomerates weighed on the largest name in the space, Disney (DIS), which fell 1% near noon ahead of its own earnings report, which is due after the closing bell today. MAJOR MOVERS: Among the notable gainers was Salesforce (CRM), which rose 5% after it was upgraded to Hold from Underperform at Jefferies. Also higher was Boston Scientific (BSX), which gained 4% after it announced that Medicare will cover its Watchman LAAC device. In addition, Belden (BDC) and Goodyear Tire (GT) were up 20% and 5%, respectively, after reporting quarterly earnings. Among the noteworthy losers was ITC Holdings (ITC), which fell 2% after it agreed to be acquired by Fortis in a cash and stock deal valued at $11.3B. Also lower were Plains All American (PAA), Bristow Group (BRS) and HCP (HCP), which were down 14%, 24%, and 15%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was down 75.85, or 0.47%, to 15,951.20, the Nasdaq was down 16.69, or 0.39%, to 4,267.06, and the S&P 500 was down 8.08, or 0.44%, to 1,845.36.
07:50 EDTGTGoodyear Tire sees FY16 segment operating income growth of 10%-15%
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07:49 EDTGTGoodyear Tire recorded one-time charge of $646M pre tax in Q4
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07:48 EDTGTGoodyear Tire reports Q4 North America sales $1.91B
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07:48 EDTGTGoodyear Tire reports Q4 Tire unit volumes up 7% to $42.1M
Replacement tire shipments were up 9%. Original equipment unit volume was up 2%.
07:47 EDTGTGoodyear Tire targets 2016 segment operating income of $2.1B-$2.2B
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07:47 EDTGTGoodyear Tire says economic uncertainty in global environment will persist in 20
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07:46 EDTGTGoodyear Tire reports Q4 adjusted EPS 59c, consensus 75c
Reports Q4 revenue $4.06B, consensus $4.01B

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