Why Goodyear Tire, American Axle, and Tenneco Popped Over 14% on Tuesday
Shares of Goodyear Tire & Rubber (NASDAQ: GT), American Axle & Manufacturing (NYSE: AXL), and Tenneco (NYSE: TEN), all automotive parts suppliers and manufacturers, each jumped over 14% at one point Tuesday, following positive economic data that's renewing optimism for a reopening economy.
The idea of states reopening more of their economies is a huge positive for the broader automotive industry. As people have refrained from traveling for leisure -- and often for work -- miles traveled and new vehicle sales, among other things, dropped significantly. Before giving back some gains, the S&P 500 topped 3,000 for the first time since March 5.
Beyond that news, Novavax noted it began human testing of its coronavirus vaccine candidate, with trial data coming as soon as July, and Merck said it was working with partners to develop a vaccine and an antiviral treatment.
Source Fool.com
