Goodyear's Q4 2023 Earnings: Stock Deflates on Wider Loss
Goodyear Tire & Rubber's stock dropped 13% despite better-than-expected quarterly earnings, as the company faces challenges due to declining tire demand in the automotive market. While the company expects cost reductions and earnings improvement in the long term, its transformation plan will take time, with only 30% of the cost savings expected to be realized in 2024. Investors are cautioned against rushing in to buy on this dip, as the company grapples with softening global demand trends and potential further downside if the economy falters.