Goodyear Tire & Rubber Co (NASDAQ:GT) shares surged by 8.92%

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Dallas, Texas 07/31/2013 (Financialstrend) – Yesterday United Steelworkers Local 959 announced the schedule for the new meeting with its member on the new contract Goodyear Tire & Rubber Co (NASDAQ:GT) regarding union’s tentative labour agreement, the meeting will be held at Pine Forest Middle School on  Aug. 7 and 9 from 3 to 6 p.m , where  members should vote to approve the contract. The agreement include all six plants in North America would be protected from closure over the next four years, this contract would include about 8,000 employees at six U.S. plants also 2500 salaried and hourly employees in Fayetteville.

In the recently released quarterly results Goodyear Tire & Rubber Co reported earning more than doubled from last year on higher profits in all of its regions, company’s shares are trading with more than 8% gain, operating income had a growth of 27% to $428 million because of favourable price of raw materials of $92 million, $11 million in higher tire unit volumes and cost savings net of inflation of $38 million

Goodyear Tire & Rubber Co (NASDAQ:GT) had closed for the day on Tuesday with $18.56 per share with a bullish behavior of 8.92% over the previous day’s closing price. The intraday movements of the stock were between low values of $18.05 to a high value of $19.60 per share. The yearly stock price variations are between the lower values of $10.32 to a higher value of $19.60 per share. The shares held by the investors and the company insider’s account to 255 million with an institutional ownership of 82%. The total stock value of the company in the stock market is $4.75 billion. The trading trend of the company for its latest trading day was 14.38 million shares compared to the average trading volume over the month of 3.85 million shares.

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