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Goodyear Tire and Rubber and Newfield Exploration Fell

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Feb. 9 2018, Updated 8:09 a.m. ET

Goodyear Tire and Rubber

Goodyear Tire and Rubber (GT), which is an American multinational tire manufacturing company, was among the S&P 500’s top losers on February 8. After declining last week, Goodyear Tire and Rubber opened this week on a weaker note. On Thursday, Goodyear Tire and Rubber opened the day lower and declined to ten-week low price levels.

On Wednesday, Goodyear Tire and Rubber released stronger-than-expected 4Q17 earnings with an EPS of $0.99, which is $0.23 higher than analysts’ forecast. The stock moved higher on Wednesday. However, the sentiment reversed after the segment operating income forecast was announced. On Thursday, Goodyear Tire and Rubber lowered the segment operating income forecast from $3 billion to $2 billion–$2.4 billion. The lower forecast dented the sentiment. Goodyear Tire and Rubber fell 8.1% to $30.75 on February 8. Goodyear Tire and Rubber is part of the S&P 500 Consumer Discretionary sector, which declined 4.0%.

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Newfield Exploration 

Newfield Exploration (NFX), which is an American petroleum, natural gas, and natural gas liquids exploration and production company, was among the S&P 500’s top losers on Thursday. Following weakness last week, Newfield Exploration started this week on a weaker note and fell as the week progressed.

Newfield Exploration declined on Thursday. The sentiment was dented by weakness in the energy sector. Crude oil and natural gas declined on Thursday and weighed on the energy sector. Newfield Exploration declined 7.5% to $26.38 on February 8. Newfield Exploration is part of the S&P 500 Energy sector, which declined 3% on Thursday.

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