Word: goodyear
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...strong dollar? It diminishes the value of foreign earnings and makes U.S. goods less attractive abroad, hurting multinational companies like Gillette and Goodyear. But it's also luring tons of foreign investment to the U.S., putting a floor under stock and bond prices...
Last week Kodak warned that the weak euro, coupled with higher energy prices, will mean disappointing earnings this quarter. Its stock plunged 25%. The previous week Intel issued a euro-related warning, and its stock crashed 22%. McDonald's, Gillette and Goodyear have all cited the slumping euro as cause for a diminished-profit outlook. Others will follow...
While not conceding any mistakes, Ford last Friday announced it was raising its recommended tire pressure to 30 p.s.i. The company also reiterated that there have been no major incidents among the 600,000 Explorers mounted with Goodyear tires inflated at 26 p.s.i. Most important, Ford says, the government's own data show that the Explorer is one of the safest SUVS on the road and is less likely than its rivals to suffer a fatal crash or rollover...
...Ford is still negotiating - and it's casting a wide net. Ford had already been using some Goodyear tires on the Explorer (and has been tapping them for replacement tires since the Firestone recall); indeed, the apparently trouble-free performance of Goodyear's tires has been the company's main defense against Bridgestone/Firestone's persistent contentions that Ford-ordered underinflation was at the base of tread-separation problems. It's also talking to Continental General Tire, a German firm. But according to the Journal, the France-based Michelin company will be a main supplier...
...recall came just as Firestone's North American business, which accounts for 40% of Bridgestone's total revenue, was hitting on all cylinders. In the past few years, it has caught up with rival Michelin to become the No. 2 tire supplier in the U.S., behind Goodyear, with some 22% of the estimated $22.5 billion total market, according to Tire Business, a trade newspaper. It won back bragging rights as the key tire sponsor for Indy 500 racing...