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Why Goodyear Tire & Rubber Is Plunging 16% Thursday

Daniel Miller, The Motley Fool
·2-min read
Why Goodyear Tire & Rubber Is Plunging 16% Thursday

Shares of Goodyear Tire & Rubber (NASDAQ: GT), a manufacturer of rubber tires for automobiles, trucks, buses, and aircraft, among other vehicles, are down 16% after the company reported a disappointing first-quarter result. There's no question Goodyear Tire felt the negative impact from the COVID-19 outbreak during the first quarter. "While this unprecedented crisis continues to disrupt our business and the broader automotive industry, I am confident we will emerge from this crisis in a strong position," said Richard J. Kramer, chairman, chief executive officer, and president.

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