CEO Robert Keegan

Shares of Goodyear Tire & Rubber Co. rose Friday after an analyst upgraded the stock based on a sharp decline in the stock's value. Goldman Sachs analyst Patrick Archambault upgraded the stock to "Buy" from "Neutral," noting shares have declined 20 percent since Oct. 28 when Goodyear issued weak guidance for the rest of the year. "We see the sell-off, which put shares back to their July 21st levels, as an opportunity to build positions in the shares," said Archambault. He pointed to the Akron, Ohio, company's recent U.S. price hike of as much as 6 percent in boosting his earnings estimates for next ... Read Full Story

Goodyear is raising tire prices. Spokesman Jim Davis says Goodyear Tire & Rubber Co. will raise the price on all consumer replacement tires sold in North America by 6 percent starting Dec. 1. Davis says higher raw material costs are behind the move. The increase is the company's first since September 2008, when it raised prices more than 10 percent. The higher prices will be felt by the company's dealers and distributors, who buy replacement tires directly from Goodyear. Davis says it is up to them whether they pass the increase onto consumers. Goodyear posted a higher third-quarter profit last month, though it is ... Read Full Story

Among the earnings stories for Wednesday, Oct. 28, from AP Financial News: Top stories: CLEVELAND (AP) — Goodyear Tire & Rubber Co.'s profit more than doubled in the third quarter, helped by cost-cutting, new products and lower raw material costs. But its shares plummeted on its forecast for an operating loss in its key North American market this quarter. Other stories: FAIRFAX, Va. (AP) — Government contractor ManTech International Corp. said its third-quarter earnings rose 23 percent because of a focus on the products it develops for the high-end defense and intelligence markets. NEENAH, Wis. (AP) — Plexus Corp., citing volatile demand for its ... Read Full Story

Goodyear Tire & Rubber Co. says its profit more than doubled in the third quarter, helped by new products and lower raw-material costs. The performance marked a reversal by Goodyear, which had reported $554 million in losses in the first six months of the year as the recession staggered the automotive industry. The tire maker based in Akron said Wednesday it earned $72 million, or 30 cents per share, in the July-September period. That's up from $31 million, or 13 cents per share, a year ago. It says revenue fell to $4.4 billion from $5.2 billion a year ago. Goodyear says it earned 45 ... Read Full Story

Shares of U.S. tire makers surged Monday after a decision last week by the Obama administration to impose higher tariffs for three years on Chinese tires. The tariffs are meant to limit rising Chinese imports. There is already a 4 percent tariff on all tire imports. The new tariffs would take effect Sept. 26. The United Steelworkers union brought the up the issue in April, saying more than 5,000 workers at U.S. tire companies have lost jobs since 2004 as Chinese tires flooded the U.S. market. The United States Trade Representative's office said U.S. imports of Chinese tires more than tripled from 2004 to ... Read Full Story