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Late Movers: Goodyear Tire & Rubber drops to five-year low after saying 4Q tire unit volumes declined 3%

Also moving are UnitedHealth, Ford, JPMorgan Chase, Netflix and First Republic Bank
JP Morgan building
JP Morgan Chase reported on Tuesday

Goodyear Tire & Rubber Co (NASDAQ:GT) sank after saying in a filing that the company will announce that fourth-quarter tire unit volumes declined by about 3% because of weakness in China and India. It also cited declines in the winter tire market in Europe late in the quarter and supply constraints on volume for high-value-added consumer and commercial truck tires in the US.

Shares dropped 13% to $19, the lowest level since 2013.

READ: The Goodyear Tire & Rubber Company is under investigation by the NHTSA due to alleged tire failure

UnitedHealth Group (NYSE:UNH) was the best-performing blue-chip after reporting fourth-quarter revenue of $58.4 billion, beating the $57.99 billion average estimate of analysts. The insurer posted annual revenue IOF $226.2 billion, up from $201.2 billion. Fourth-quarter adjusted net earnings were $3.28 per share, compared with the average estimate of $3.21. For the year, the company reported adjusted net earnings of $12.88 per share.

The stock climbed 3.6% to $256.87.

Ford Motor Co (NYSE:F) declined after announcing a global alliance with Volkswagen AG. The companies intend to develop commercial vans and medium-sized pickups for global markets as soon as 2022. The alliance will drive significant scale and efficiencies and enable both companies to share investments in vehicle architectures that deliver distinctive capabilities and technologies. In addition, the automakers signed a memorandum of understanding to investigate cooperation on autonomous vehicles  and electric vehicles.

Ford slipped 1.7% to $8.84.

JPMorgan Chase & Co (NYSE:JPM) gained with the broader market on signs that the People’s Bank of China will take steps to spur economic growth. The bank fell in premarket trading after reporting $1.98 per share in profit, which was below the $2.20 per share estimated by analysts.

The stock climbed 0.7% to $101.68.

Shares of Netflix (NASDAQ:NFLX) advanced after the streaming service moved to push up its prices in the US. Its classic $11 plan will jump to $13 per month, and price hikes of $1 to $2 will apply to its other subscriptions.  

The stock jumped 6.5% to $354.64.

First Republic Bank (NYSE:FRC) surged after posting earnings per share of $1.29 on revenue of $972.2 million, whizzing past Wall Street analysts’ forecasts.

The stock climbed 12% to $94.33.

Contact Dennis Fitzgerald at [email protected]

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