Good News for Goodyear and Cooper Shareholders

Shares in American tyre manufacturers Goodyear and Cooper were on the receiving end of significant boosts on 2 September, following Hurricane Gustav’s near miss on the Gulf Coast and its oil facilities. As a consequence of this, crude oil prices dropped 5.75 US dollars on the NYME, allowing automotive-related companies to begin to claw back some of their 2008 lost value.

Goodyear saw shares rise by 83 cents (4.2 per cent), finishing on 20.44 US dollars, having gone to a high of 21.62 earlier in the day. Meanwhile Cooper rose 71 cents (7.4 per cent), to 10.27 US dollars, with a daily high of 11.25. Over the past year Cooper has traded between 7.05 and 26.02 dollars, while Goodyear has also seen a wide range of prices between 15.56 and 31.36 dollars.