WASHINGTON The International Trade Commission (ITC) has voted to uphold the imposition of antidumping duties on consumer tires from South Korea, Taiwan and Thailand, but terminated the investigation into dumping from Vietnam. The ITC did not at this time disclose how the five commissioners voted. The Commission also affirmed the imposition of countervailing duties on said imports from Vietnam. The decision cements elevated import duties on nearly $4 billion in imports from the four nations, as determined earlier by the U.S. Commerce Department, which based its earlier ruling on its belief that such tires "are being, or are likely to be, sold in the U.S. at less than fair value." The investigation which was carried out in response to a petition from the United Steelworkers in May 2020 covered a period from April 1, 2019, through March 31, 2020. The final rates published by Commerce are: In South Korea Hankook Tire & Technology Co. Ltd., 27.05%; Nexen Tire Corp., 14.72%; "all others" 21.74%.
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CUYAHOGA FALLS, Ohio Tire dealers contacted recently by Tire Business reacted with optimism and excitement to news of Goodyear acquiring Cooper Tire & Rubber Co. The new Goodyear will cast a wide net, and a streamlined portfolio using both the breadth of segment coverage and the depth of brand price points could be great for everyone, they noted. "We''re excited about the future," Carson Cornelius, chief development officer at Zurcher Tire Inc., said. "We''ve been loyally buying the (Cooper) Mastercraft brand for decades. We''ve also been dealing with Goodyear for decades." The Monroe, Ind.-based tire wholesaler distributes from 11 sites in Indiana, Illinois, Iowa, Michigan and Missouri. "We think Mastercraft and Cooper''s other brands can be a great addition to Goodyear''s strong brand catalog," Mr. Cornelius said. "We''re excited to see an American company secure the future of important American brands." Goodyear''s $2.5 billion bid to buy Cooper closed June 7. The combination of the two Ohio-based companies brings together the world''s No. 3 tire maker, with global sales of $13.7 billion in 2019, with Cooper, the No. 13 tire maker with $2.8 billion.
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New York, June 16, 2021 (GLOBE NEWSWIRE) -- Automotive Aftermarket Industry Overview: According to a comprehensive research report by Market Research Future (MRFR), " Automotive Aftermarket Industry - Information By, By Channel, By Vehicle Age, By Vehicle Type and Region - Global Forecast till 2027" the market is set to cross USD 1000 billion by 2027. It can display a growth rate of 4.40% over the forecast period (2020-2027). Market Scope The need for drivers to improve vehicle performance in terms of appearance, speed, sound, and mileage can drive the market demand significantly. Large number of car owners in the U.S. and Europe coupled with adherence to changing standards by regulatory agencies can augur favorably for the market. Automotive manufacturers looking to expand their sources of revenue have ventured into the market. Rising automobile sales and integration of digitally tuned devices can drive the market demand. Online channels are looked as a source of attaining components and manufacturers are investing in websites and opening channels on ecommerce sites to be part of the customer experience.
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Cooper Tire & Rubber Company found using ticker (CTB) now have 2 analysts covering the stock. The analyst consensus points to a rating of ''Hold''. The target price ranges between 58 and 48 calculating the average target price we see 53. Given that the stocks previous close was at 60.2 this is indicating there is a potential downside of -12.0%. The 50 day moving average now sits at 58.85 and the 200 day MA is 49.8. The company has a market cap of $3,040m. You can visit the company''s website by visiting: 0 [stock_market_widget type="chart" symbol="CTB" chart="bar" range="6mo" interval="1d" line-color="rgb(49, 125, 189)"] 0 This article Cooper Tire & Rubber Company Consensus Indicates Potential -12.0% Downside first appeared on DirectorsTalk Interviews .
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HUNTERSVILLE, N.C. Goodyear''s purchase of Cooper Tire & Rubber Co. finalized on June 7 won''t stand in the way of the relationship between Cooper and American Tire Distributors Inc. (ATD). At least through 2021. Keith Calcagno, chief merchant and strategy officer at Huntersville-based ATD, said in a statement to Tire Business that the tire distributor looks "forward to continuing our work with Cooper on several new product launches (including exclusive products) in the second half of 2021 that will be coming to our customers and continuing to help grow the Cooper, Mastercraft, Mickey Thompson and ATD''s proprietary brands." Mr. Calcagno said it will be "business as usual for us, and we are focused on delivering the broadest assortment of tires, wheels and shop supplies to our customers." ATD , the largest independent tire wholesaler in North America, has been a longtime distributor of the Cooper brand, a partnership that Mr. Calcagno termed "a very long, deep and personal relationship." In announcing the completion of the $2.5 billion cash and stock deal that unites the world''s No. 3 and No. 13 tire makers, based on global sales, Goodyear Chairman, President and CEO Rich Kramer listed three items that won''t change in 2021: Existing strategies for the brands, product portfolios, programs and promotions; Goodyear and Cooper production launches will remain on track; and In the near term, the plan for the "combined manufacturing footprint" will stay the same.
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Cooper Tire & Rubber Company found using ticker (CTB) now have 2 analysts covering the stock. The analyst consensus points to a rating of ''Hold''. The range between the high target price and low target price is between 58 and 48 calculating the mean target price we have 53. Now with the previous closing price of 60.17 this is indicating there is a potential downside of -11.9%. The day 50 moving average is 58.55 and the 200 day moving average is 49.63. The company has a market capitalisation of $3,040m. You can visit the company''s website by visiting: /> [stock_market_widget type="chart" symbol="CTB" chart="bar" range="6mo" interval="1d" line-color="rgb(49, 125, 189)"] Cooper Tire & Rubber Company, together with its subsidiaries, designs, manufactures, markets, and sells replacement tires in North America, Latin America, Europe, and Asia. The company operates through Americas Tire Operations and International Tire Operations segments. It offers passenger car, light truck, truck and bus radial (TBR), motorcycle, and racing tires, as well as tire retread materials; and markets and distributes racing, TBR, and motorcycle tires.
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Combining brand portfolios, manufacturing and distribution opportunities and the possibility to extend investment in new mobility and fleet solutions, Continue reading
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Cooper Tire & Rubber Co. (CTB) shares closed today at 0.5% below its 52 week high of $60.46, giving the company a market cap of $3B. The stock is currently up 49.1% year-to-date, up 117.0% over the past 12 months, and up 102.5% over the past five years. This week, the Dow Jones Industrial Average rose 0.7%, and the S&P 500 rose 0.6%. Trading Activity Trading volume this week was 26.6% lower than the 20-day average.Beta, a measure of the stocks volatility relative to the overall market stands at 1.0. Technical Indicators The Relative Strength Index (RSI) on the stock was above 70, indicating it may be overbought.MACD, a trend-following momentum indicator, indicates an upward trend.The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Consumer Discretionary industry sector , beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by 50.0% The company's stock price performance over the past 12 months beats the peer average by 116.3% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 228.7% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
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SCOTTSDALE, Ariz. Reinalt-Thomas Corp. has secured an exclusive distribution position at its Discount Tire and America''s Tire retail stores for the Cooper Discoverer ATP II all-terrain tire and is marking the arrangement with a sweepstakes running through July 31. Reinalt-Thomas claims the Discoverer ATP II performance tire was "developed in partnership" with Cooper Tire & Rubber Co. and said it will be available exclusively at over 1,090 Discount Tire/America''s Tire retail locations throughout the U.S. and online through Discount Tire Direct . The Cooper Discoverer ATP II is ideal for SUV and pickup truck drivers who desire extra traction but don''t want to give up the quiet and comfort of a highway tire, Reinalt Thomas said. The ATP II features aggressive AT sidewall styling, a 60,000-mile treadwear warranty and extensive capabilities in wet or dry conditions. Specialty grooves are engineered to propel water out and away from the tread contact area, helping improve wet braking and handling.
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Cooper Tire & Rubber Company found using ticker (CTB) now have 3 analysts covering the stock with the consensus suggesting a rating of ''Hold''. The target price ranges between 58 and 48 calculating the average target price we see 52. Now with the previous closing price of 59.51 this is indicating there is a potential downside of -12.6%. There is a 50 day moving average of 58.15 and the 200 day MA is 49. The company has a market cap of $3,000m. Find out more information at: /> [stock_market_widget type="chart" symbol="CTB" chart="bar" range="6mo" interval="1d" line-color="rgb(49, 125, 189)"] Cooper Tire & Rubber Company, together with its subsidiaries, designs, manufactures, markets, and sells replacement tires in North America, Latin America, Europe, and Asia. The company operates through Americas Tire Operations and International Tire Operations segments. It offers passenger car, light truck, truck and bus radial (TBR), motorcycle, and racing tires, as well as tire retread materials; and markets and distributes racing, TBR, and motorcycle tires.
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Cooper Tire & Rubber Co. (CTB) shares closed today at 1.1% below its 52 week high of $60.06, giving the company a market cap of $3B. The stock is currently up 47.2% year-to-date, up 134.4% over the past 12 months, and up 96.5% over the past five years. This week, the Dow Jones Industrial Average rose 1.1%, and the S&P 500 rose 1.2%. Trading Activity Trading volume this week was 31.7% lower than the 20-day average.Beta, a measure of the stocks volatility relative to the overall market stands at 1.0. Technical Indicators The Relative Strength Index (RSI) on the stock was between 30 and 70.MACD, a trend-following momentum indicator, indicates a downward trend.The stock closed below its Bollinger band, indicating it may be oversold.The stock closed at 0.6% higher than its 5-day moving average, 0.9% higher than its 20-day moving average, and 11.1% higher than its 90-day moving average.
Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Consumer Discretionary industry sector , beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by 58.8% The company's stock price performance over the past 12 months beats the peer average by 112.2% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 229.6% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
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FINDLAY, Ohio Cooper Tire & Rubber Co. has awarded $10,000 worth of scholarships to six recent high school graduates who have at least one parent working at Cooper. The scholarships the Roy V. Armes and Cooper Centennial scholarship programs are awarded to "high-achieving students" who plan to attend a four-year institution of higher learning to pursue careers in business or engineering. The Roy V. Armes Scholarship was established in 2016 to honor former Cooper chairman, CEO and president Roy Armes upon his retirement. The Cooper Centennial Scholarship was originated in 2014 to commemorate the company''s 100th anniversary. "Cooper''s company purpose is to help everyone travel through life''s journeys with confidence, and to be there for people at every turn," Chris Ball, Cooper Tire President Americas, said. "We''re proud to invest in the future of such a deserving, accomplished group of students, and we wish each the best with their continued education, and ultimately, their careers." One student, Griffin Weinstein of Findlay, Ohio, received both the Roy V.
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FINDLAY, Ohio--(BUSINESS WIRE)--Cooper Tire & Rubber Company today announced that five recent high school graduates have been selected to receive scholarships to pursue higher education. The Roy V. Armes Scholarship, a renewable scholarship which provides up to $5,000 over the next four years, was awarded to one student, and Cooper Centennial Scholarships, in the amount of $1,000 each, were awarded to five students. This year, for the first time, one student won both the Roy V. Armes and Co
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Cooper Tire & Rubber Company with ticker code (CTB) have now 3 analysts in total covering the stock. The consensus rating is ''Hold''. The target price ranges between 58 and 48 with a mean TP of 52. Given that the stocks previous close was at 59.2 this would indicate that there is a downside of -12.2%. The day 50 moving average is 57.82 and the 200 day MA is 48.16. The company has a market cap of $2,975m. You can visit the company''s website by visiting: /> [stock_market_widget type="chart" symbol="CTB" chart="bar" range="6mo" interval="1d" line-color="rgb(49, 125, 189)"] Cooper Tire & Rubber Company, together with its subsidiaries, designs, manufactures, markets, and sells replacement tires in North America, Latin America, Europe, and Asia. The company operates through Americas Tire Operations and International Tire Operations segments. It offers passenger car, light truck, truck and bus radial (TBR), motorcycle, and racing tires, as well as tire retread materials; and markets and distributes racing, TBR, and motorcycle tires.
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Cooper Tire & Rubber Co. (CTB) shares closed today at 0.2% below its 52 week high of $59.24, giving the company a market cap of $2B. The stock is currently up 46.3% year-to-date, up 186.3% over the past 12 months, and up 89.1% over the past five years. This week, the Dow Jones Industrial Average rose 2.6%, and the S&P 500 rose 1.2%. Trading Activity Trading volume this week was 42.6% lower than the 20-day average.Beta, a measure of the stock’s volatility relative to the overall market stands at 1.1. Technical Indicators The Relative Strength Index (RSI) on the stock was above 70, indicating it may be overbought.MACD, a trend-following momentum indicator, indicates an upward trend.The stock closed below its Bollinger band, indicating it may be oversold.The stock closed at 1.3% higher than its 5-day moving average, 2.8% higher than its 20-day moving average, and 17.5% higher than its 90-day moving average.
Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Consumer Discretionary industry sector , beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by 52.2% The company's stock price performance over the past 12 months beats the peer average by 112.6% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 218.5% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
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NEW YORK, March 20, 2021 /PRNewswire/ -- Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies: Cooper Tire & Rubber Company (NYSE: CTB) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties…
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CLEVELAND, March 10, 2021 /PRNewswire/ -- Goodyear Tire & Rubber, the leading US-based manufacturer of tires and a leading supplier of other industrial rubber products, announced recently that it was acquiring Cooper Tire & Rubber, the second-largest US-based tire producer. The…
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Cooper Tire & Rubber Company is recalling 430,000 tires from its Cooper, Hercules, Mastercraft, and Mickey Thompson brands because of concerns that the tires might develop sidewall bulges or sepa…
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Many years ago, a major recall was issued on Firestone tires that were failing and causing accidents that were sometimes fatal. Recalls in the automotive
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NEW YORK, Feb. 27, 2021 /PRNewswire/ — Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm rated Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating Cooper Tire & Rubber Company (“CTB” or the “Company”) (CTB) relating to… Read More »SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of Cooper Tire & Rubber Company – CTB
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Cooper Tire & Rubber Co. is recalling more than 430,000 light truck tires in the U.S. due to sidewall bulges that could cause tire failure
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NEW YORK, Feb. 22, 2021 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Cooper Tire & Rubber Company ("Cooper" or the "Company") (NYSE: CTB) in connection with the proposed acquisition of the…
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Goodyear Tire & Rubber Co (NASDAQ: GT ) is acquiring rival Cooper Tire & Rubber Co (NYSE: CTB ) for $2.5 billion. Akron, Ohio-based Goodyear was founded in 1898 and employs about 62,000 people working in 46 facilities in 21 countries. Findlay, Ohio-based Cooper Tire was founded in 1914 and has a 10,000-person workforce spread across 10 manufacturing facilities in 15 countries. What Happened: The combined company will be headquartered in Akron and have approximately $17.5 billion in pro forma 2019 sales. In a statement released by the companies, the acquisition was defined as being able to “leverage the strength of … Full story available on Benzinga.com
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NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Cooper Tire & Rubber Company (NYSE: CTB) to The Goodyear Tire & Rubber Company is fair to Cooper Tire shareholders. Under the merger agreement, Cooper Tire shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper Tire share. Halper Sadeh encourages Cooper Tire shareholders to click here to learn more
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NEW YORK: Goodyear Tire & Rubber Co said it would buy Cooper Tire & Rubber Co in a US$2.8 billion (RM11.32 billion) deal to beef up its portfolio in the high-margin light truck and SUV segments and strengthen its presence in North America and China. Shares of Cooper, which has historically had stronger margins than Goodyear, jumped 20% in morning trade while Goodyear stock was up 3.4%. The deal, announced on Monday, nearly doubles Goodyear's presence in China and broadens distribution for Cooper replacement tyres through Goodyear's network of 2,500 retail stores in the country. US and China, the two largest tyre markets in the world, account for about one-third of global industry volume. The combined company will also benefit from Goodyear's original equipment and Cooper's strength in the rapidly growing light truck and SUV product segments. The global tyre industry was hard hit in 2020 as the Covid-19 pandemic led to a sharp decline in demand for replacement tyres and original equipment, forcing automakers to halt production.
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Cooper Tire & Rubber (NYSE:CTB) stock moved upwards Monday, amid the release of fourth-quarter earnings. The company said its global unit volume decreased 9.8% compared to the fourth quarter of 2019. Net sales decreased 2.9% from the fourth …
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Goodyear Tire & Rubber Co said on Monday it would acquire Cooper Tire & Rubber Company for about US$2.8 billion to double its presence in North America and China.
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Goodyear Tire & Rubber Co said on Monday it would acquire Cooper Tire & Rubber Company for about $2.8 billion to double its presence in North America and China.
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AKRON, Ohio and FINDLAY, Ohio, Feb. 22, 2021 /PRNewswire/ -- The Goodyear Tire & Rubber Company (Nasdaq: GT) and Cooper Tire & Rubber Company (NYSE: CTB) today announced that they have entered a definitive transaction agreement under which Goodyear will acquire Cooper in a transaction…
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Companies Reporting Before The Bell • Cooper Tire & Rubber … Full story available on Benzinga.com
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Cooper Tire & Rubber (NYSE:CTB) announces its next round of earnings this Monday, February 22. Here is Benzinga's everything-that-matters guide for …
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Allied Market Research published a new report, titled, "Automotive Summer Tire Market." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of
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Market Overview Low rolling resistance tires market is estimated to reach at USD 182.9 billion by 2027 and growing at a growth rate of CAGR 11.7% in the forecast period of 2020 to 2027. Increased demand for fuel-efficient vehicles, increasing inclination
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FINDLAY, Ohio--(BUSINESS WIRE)--The Board of Directors of Cooper Tire & Rubber Company (NYSE: CTB) has named Tyrone Michael (T.J.) Jordan a director of the company effective January 10. Jordan is the former President and Chief Operating Officer of DURA Automotive Systems, a leading tier one automotive supplier of electric/hybrid systems, advanced driver-assistance systems, mechatronics, lightweight structural systems, and luxury trim systems for premier automotive brands. In this role he wa
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Cooper Tire & Rubber announce their quarterly, annual earnings. See the latest EPS estimates. Listen to the conference call and remind yourself by…
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Cooper Tire & Rubber (NYSE:CTB) had its price objective lifted by JPMorgan Chase & Co. from $39.00 to $42.00 in a note issued to investors on Thursday, The Fly reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 11.55% from the stock’s […]
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Cooper Tire & Rubber (NYSE:CTB) reached a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $39.00 to $42.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Cooper Tire & Rubber traded as high as $37.96 and last traded at […]
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Summary of the Rubber Tire Market Report The growth of the market during the forecast period is driven and boosted by improving trends and increasing market conditions. However, due to the effects of COVID -19, the market slowed down in 2020,
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Automotive Summer Tire Market 2021-2030: Automotive summer tires are made from soft compound materials and are designed to operate at temperature more than 5 degree Celsius. They offer improved traction and reduced resistance for moving with high performance when compared
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A survey by Cooper Tire & Rubber Company found that 88 percent of Americans are more careful with their spending because of the coronavirus pandemic.
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FINDLAY, Ohio--(BUSINESS WIRE)--Cooper Tire & Rubber Company is teaming up with professional race car driver Loni Unser to educate drivers about how to properly maintain their tires during National Tire Safety Week, which runs from August 31 – September 6. A program of the U.S. Tire Manufacturers Association (USTMA), National Tire Safety Week comes at an important time as many Americans are choosing to take to the road for late summer travel versus other methods of transportation amid the c
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Shares of Goodyear Tire & Rubber Co. dropped 3.1% in afternoon trading Wednesday, after President Donald Trump urged people not to buy the tire maker's tires, after reports that the company is prohibiting workers from wearing apparel with political slogans, which would include "Make America Great Again" hats. "Don't buy GOODYEAR TIRES -- They announced a BAN ON MAGA HATS. Get better tires for far less!," Trump tweeted. Meanwhile, shares of rival tire maker Cooper Tire & Rubber Co. rose 1.2% and the U.S.-listed stock of Japan-based Bridgestone Corp. climbed 1.5%. Goodyear's stock has tumbled 39.4% year to date, while Cooper Tire shares have rallied 21.2% and the S&P 500 has gained 5.2%.
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FINDLAY, Ohio--(BUSINESS WIRE)--Cooper Tire Serbia, a subsidiary of Cooper Tire & Rubber Company (NYSE:CTB), today announced it is well underway on a construction project to increase production capacity at its Kruševac tire manufacturing plant. With a strategic manufacturing footprint investment of approximately $55 million (USD) in equipment upgrades and facility expansion, the project will increase the size of the Kruševac facility to more than 882,000 square feet. In addition, the compan
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FINDLAY, Ohio--(BUSINESS WIRE)--Cooper Tire & Rubber Company today announced that Paula Whitesell will join the company as Senior Vice President & Chief Human Resources Officer (CHRO) effective July 27. Whitesell joins Cooper from Peapod Digital Labs (PDL) in Chicago, where she served as Vice President, Human Resources, and was responsible for human resources, communications and customer care. PDL is a unit of Ahold Delhaize, an international leader in supermarkets and e-commerce. She p
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For today, I’m going to recommend a bearish position on Cooper Tire & Rubber Company (NYSE:CTB), the international replacement tire manufacturer.
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Cooper Tire (CTB) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
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Cooper Tire (CTB) production halt at its plants will proceed on a rolling schedule over the coming week, with facilities expected to be closed for two to three weeks.
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FINDLAY, Ohio--(BUSINESS WIRE)--The Manufacturing Institute has recognized Missy Depinet, Procurement Director for Cooper Tire & Rubber Company, with a Women in Manufacturing STEP (Science, Technology, Engineering and Production) Ahead Award for 2020. Depinet is among 130 women nationally who earned the honor this year from a field of hundreds of nominees. The STEP Ahead Awards program, now in its eighth year, recognizes women who have demonstrated excellence and leadership in their careers
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Cooper Tire & Co (NYSE: CTB ) is rapidly building up its commercial business line, which was first launched two years ago with five tire lines. Today, the line includes 11 tires and continues to grow its customer base, Gary Schroeder, director of global truck and bus tire business for the company, explained to FreightWaves. "That's pretty strong to bring up that much product in a very short period of time," Schroeder told FreightWaves during a meeting at the Technology & Maintenance Council annual meeting in Atlanta on Tuesday. When Cooper launched the commercial line, it brought with it experience in trucking tires, having managed the Roadmaster brand popular with small fleets and owner-operators. But, it decided to build a program around a higher-quality tire that would attract fleets more concerned with technology, miles to removal, and overall lifecycle costs. Schroeder feels confident that Cooper, which introduced three new tires in its WORK Series at the show, is accomplishing this goal as it seeks to land original equipment status at major OEMs. "The [sales] people getting in the door [is important]," he said, "but at the end of the day, it's how the tire performs." If the growth of the company's national accounts program is an indication, the tire is performing.
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Cooper Tire (CTB) expects capital expenditure in the $260-$280 million band for the ongoing year.
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