Goodyear (GT) NewsBite - GT Sells Off Sharply On North American Forecast

Posted: Wednesday, October 28, 2009 12:59 PM EDT

Goodyear (NYSE: GT) opened at $16.22. So far today, the stock has hit a low of $12.00 and a high of $16.48. GT is now trading at $13.72, down $3.02 (-18.04%). The stock hit its 52-Week high of $18.84 in August and set its 52-Week low of $3.17 in March. The stock is trading sharply lower today following the company's earnings release this morning. Goodyear actually beat analyst estimates by posting 45 cents per share verse a 40 cent estimate, but shares are selling off sharply on the company's forecast. The company said that this quarter we should expect to see lower operating income from its biggest market, North America. Technical indicators for the stock are neutral and S&P gives GT a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on GT the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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