Cooper Share Price Falls

Cooper shares fell six per cent after the company withdrew its third-quarter earnings forecast, thestreet.com reported. The announcement was said to be in response to a number of factors including: “softer industry demand in the North American replacement tyre market; changes in raw-material costs; higher shipping and transportations costs; and higher energy costs,” the company said. In August, Cooper predicted it would post third-quarter earnings of between 10 and 14 cents a share, including a charge of 8 cents a share related to a strike at one of its Arkansas tyre plants and a loss of 4 cents a share related to an “unusual tax rate.” Analysts had been expecting earnings of 9 cents a share. As a result of the announcement, share value dropped 81 cents to $13.74