Goodyear´s stock at highest point since mid-2002

Akron, Ohio--Goodyear's stock price closed July 20 at $16.66--a new 52-week high as well as the highest point since Aug. 1, 2002, when it stood at $17.40.

Goodyear's stock is up 71.2 percent from the July 19, 2004, close of $9.73, and is nearly 3½ times as large as July 23, 2003, when the stock price was a listless $4.88.

"Our focus is on turning around the business and doing things that improve our sales and our earnings and, if we do those things, investors will take note and it will be reflected in the stock price," a spokesman said, pointing to new products, cost reduction and debt refinancing, among other moves.

After Aug. 1, 2002, Goodyear's stock price declined as the company struggled to regain profitability in its largest unit, North American Tire. In the spring of 2003--when recently appointed CEO Robert Keegan was outlining the company's turnaround plans--the stock price was wallowing around $3.87 on March 12 and $4.72 on April 11.

Last year Goodyear returned to profitability in the second quarter after six quarters in the red.

Following a couple short excursions above the $10 mark, Goodyear´s stock price has been above that level consistently since last Oct. 29.

From Rubber & Plastics News