Bloodbath at the stock exchange
The bloodbath at the stock exchange continues, with share prices of all the leading tyre makers falling sharply. The attention grabbing headline news is set-against strong half year figures from all leading tyre manufacturers which range from very good to excellent. And it is more than likely that the industry will set new record figures at the end of the year in terms of turnover and profit, which in normal circumstances virtually guarantees rising share prices. However, for the last 10 days the contrary has been true.
|
Market capitalisation in euros (as of 5 August 2011) |
Loss (compared with July 2011) |
|
| Cooper | 0.53 billion | -40% |
| Goodyear | 2.4 billion | -33% |
| Continental | 11.9 billion | -24% |
| Michelin | 8.9 billion | -21% |
| Pirelli | 1.4 billion | -20% |
| Yokohama | 1.4 billion | -7% |
| Bridgestone | 13.7 billion | -5% |
| Sumitomo | 2.3 billion | -4% |
| Source: Tyres & Accessories | ||
Prices have started a nosedive and there are no signs of it coming to an end yet. As long as European Governments fail to present convincing plans to stabilise the Euro in ailing countries and as long Democrats and Republicans in the US abuse the dollar as a weapon in their political in-fighting we must expect more bad news for share prices.
Related news:
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Cooper profits down, even after sales increase
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Michelin operating income, margin stable as 1H sales increase
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Continental ups 2011 sales and EBIT forecasts
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90% UHP surge in Europe helps Hankook to quarterly sales record
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Cooper profits down, even after sales increase
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Goodyear Q2 results ‘another step on the path towards 2013 targets’
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