Goodyear Earnings Miss May Signal Weaker Auto Sales
Goodyear Tire & Rubber (GT) shares plunged in four times normal volume early Friday after the company said third-quarter profit and sales fell from a year ago. Goodyear also missed Wall Street estimates, in part on weakness in the European market. Earnings per share slid 26% to 52 cents, missing targets by seven cents. Revenue fell 13% to $5.26 billion. Analysts expected $5.87 billion. Goodyear shares were down 10.2% at 11.06 in Friday afternoon
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