Goodyear axing 5,000 jobs.....

[marmar]

Goodyear swings to loss, sets job cuts for 5,000
By Michelle Donley, MarketWatch


NEW YORK (MarketWatch) -- Goodyear Tire & Rubber Co. reported Wednesday a fourth-quarter loss and announced plans to cut another 5,000 jobs and possibly sell some assets.

Investors signaled their displeasure with the results, sending shares of Goodyear down about 5% in early trading.

The Akron, Ohio-based tire maker posted a loss of $330 million, or $1.37 a share, compared to a profit of $52 million, or 23 cents a share, generated in the final three months of 2007.

Quarterly sales declined to $4.14 billion from the prior year's $5.16 billion.

On average, analysts had expected a loss of 94 cents a share on sales of $4.98 billion, according to FactSet Research.

"Given lower industry demand, we are taking aggressive action, reducing tire production, cutting costs and adjusting investments to better match market conditions," said Robert Keegan, chairman and chief executive. ........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Goodyear-swings-deeper-forecast-loss/story.aspx?guid=%7B94E7AD61%2DAB88%2D4949%2DA466%2D3087E8033992%7D

[SpiralHawk]

1. The putrid fruit of republiconomics

[firedupdem]

2. Jeez....I'm trying to remain optimistic, but we are so fucked! n/t