Beacon Equity Research announces the release of Trade Alerts covering Newsworthy Market Movers: Goodyear Tire & Rubber Co. (NYSE: GT), Comcast Corp. (Nasdaq: CMCSA), Deere & Co. (NYSE: DE), General Electric Co. (NYSE: GE), Alliance Data Systems Corp. (NYSE: ADS) and Procter & Gamble Co. (NYSE: PG).
In the Trade Alert, the author highlights Goodyear’s slashing of 5,000 jobs and freezing salaries as fourth-quarter sales fall 21%:
“Goodyear Tire & Rubber Co. (GT) shares rose 3.82% to $6.25 Wednesday mid-day. The Goodyear Tire & Rubber Co. engages in the development, manufacture, distribution and sale of tires and related products and services worldwide. … The Akron, Ohio-based tire maker recently swung to a fourth-quarter loss as sales sank 21%. The company reported a fourth-quarter net loss of $330 million, or $ 1.37 a share, compared with year-earlier net income of $52 million, or 23 cents a share. Revenue dropped 20% to $4.14 billion as tire volume dropped reduced 19%. … Following the disappointing earnings report, Goodyear Tire & Rubber said it would slash 5,000 jobs, or 6.7% of its workforce, as it cuts costs amid weak demand and a contracting auto sector. The move comes after Goodyear already cut 4,000 jobs in the second half of 2008. … In addition, the biggest U.S. tiremaker said it would freeze employee salaries.”
The Trade Alert author also featured Comcast’s profits falling due to a $600 million charge for the decline in its Clearwire Corp. investment:
“Comcast Corp. (CMCSA) shares dropped 3.88% to $12.39 Wednesday mid-day. Comcast, together with its subsidiaries, operates as a cable operator in the United States. It offers various consumer entertainment and communication products and services. … For the fourth quarter, Comcast reported net income of $412 million, or 14 cents a share, down from $602 million, or 20 cents a share, for the year-earlier period. … The latest quarter included a $600 million pretax write-down on its investment in Clearwire Corp., the wireless broadband Internet service provider jointly owned by Comcast, Time Warner Inc., Sprint Nextel Corp., Intel Corp., Google Inc. and Brighthouse Networks. After taxes, the charge amounted to $378 million, or 13 cents a share.”
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Beacon Equity Research
Jeff Bishop, (469)-252-3505
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