Why Goodyear Tire & Rubber Shares Fell 10% in July
Shares of Goodyear Tire & Rubber Co. (NASDAQ: GT) dropped 10.3% in July, according to data provided by S&P Global Market Intelligence, after the company reported second-quarter results that were down year over year and short of analyst expectations. The miss continued a difficult year for the tire maker, which is operating in what management describes as a "challenging" environment.
Goodyear shares were basically flat on the month heading into its July 26 earnings report but fell sharply after the company said it had earned $0.25 per share in the second quarter on revenue of $3.6 billion. This was short of analyst expectations for $0.34 per share in earnings on $3.78 billion in sales.
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