We recently published 10 Firms Stealing Market Spotlight Amid Bloodbath. The Goodyear Tire & Rubber Company is one of the best-performing stocks on Tuesday.
The Goodyear grew its share prices by 7.84 percent on Tuesday to close at $7.43 apiece as investors cheered restructuring efforts and progress expected to help shave off as much as $2.2 billion in debt.
In an updated report, The Goodyear Tire & Rubber Company said it targets to achieve $1.5 billion in annualized run-rate benefits by the end of the year, having delivered $185 million in the third quarter alone.
Pixabay/Public Domain
Last October 31, The Goodyear Tire & Rubber Company completed the previously announced $650 million sale of its chemical business following the divestment of the OTR tire business and the Dunlop brand earlier in the year.
In other news, the company announced a 6,000 percent net loss expansion in the third quarter of the year, at $2.197 billion versus only $36 million in the same period last year. Net sales were also down by 4 percent to $4.6 billion from $4.8 billion year-on-year.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
This article is originally published at Insider Monkey.
