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Goodyear to Close Venezuela Unit, Offers Severance Packages
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Per Bloomberg, The Goodyear Tire & Rubber Company (GT - Free Report) has announced the shutdown of Venezuela operations and the layoff of the workforce. More than 1,200 employees of the plant in the industrial city of Valencia will receive severance packages along with 10 tires each.
Venezuela has been plagued with severe economic crisis for long. Due to hyperinflation in the Latin American country, it is economically unable to carry out business activities in local currency. Many global biggies are abandoning operations in the country, scaling back or holding out for better days.
Goodyear is one of the largest tire manufacturing companies in the world, selling under Goodyear, Kelly, Dunlop, Fulda, Debica, Sava and various other “house” brands (such as Lee, Kingstone, Douglas, Mohave and Republic) as well as private-label brands (namely, Roadhandler, Star and Monarch). The Venezuela plant manufactured some 1,000 tires per day. But inadequate supply of materials and growing costs compelled the company to decide on shutting the plant.
In the past six months, shares of Goodyear have underperformed the industry it belongs to. Shares of the company have declined 14.2% compared with the industry’s fall of 7.1%.
Currently, Goodyear carries a Zacks Rank #4 (Sell).
A few better-ranked stocks in the auto space are Allison Transmission Holdings, Inc (ALSN - Free Report) , Fox Factory Holding Corp (FOXF - Free Report) and America’s Car-Mart, Inc (CRMT - Free Report) . While Allison Transmission and Fox Factory currently sport a Zacks Rank #1 (Strong Buy), America’s Car-Mart carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has an expected long-term growth rate of 10%. In the past six months, shares of the company have increased 3.2%.
Fox Factory has an expected long-term growth rate of 17.9%. In the past six months, shares of the company have surged 51.9%.
America’s Car-Mart has an expected long-term growth rate of 19.5%. In the past six months, shares of the company have increased 5.4%.
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Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Goodyear to Close Venezuela Unit, Offers Severance Packages
Per Bloomberg, The Goodyear Tire & Rubber Company (GT - Free Report) has announced the shutdown of Venezuela operations and the layoff of the workforce. More than 1,200 employees of the plant in the industrial city of Valencia will receive severance packages along with 10 tires each.
Venezuela has been plagued with severe economic crisis for long. Due to hyperinflation in the Latin American country, it is economically unable to carry out business activities in local currency. Many global biggies are abandoning operations in the country, scaling back or holding out for better days.
Goodyear is one of the largest tire manufacturing companies in the world, selling under Goodyear, Kelly, Dunlop, Fulda, Debica, Sava and various other “house” brands (such as Lee, Kingstone, Douglas, Mohave and Republic) as well as private-label brands (namely, Roadhandler, Star and Monarch). The Venezuela plant manufactured some 1,000 tires per day. But inadequate supply of materials and growing costs compelled the company to decide on shutting the plant.
In the past six months, shares of Goodyear have underperformed the industry it belongs to. Shares of the company have declined 14.2% compared with the industry’s fall of 7.1%.
Currently, Goodyear carries a Zacks Rank #4 (Sell).
A few better-ranked stocks in the auto space are Allison Transmission Holdings, Inc (ALSN - Free Report) , Fox Factory Holding Corp (FOXF - Free Report) and America’s Car-Mart, Inc (CRMT - Free Report) . While Allison Transmission and Fox Factory currently sport a Zacks Rank #1 (Strong Buy), America’s Car-Mart carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has an expected long-term growth rate of 10%. In the past six months, shares of the company have increased 3.2%.
Fox Factory has an expected long-term growth rate of 17.9%. In the past six months, shares of the company have surged 51.9%.
America’s Car-Mart has an expected long-term growth rate of 19.5%. In the past six months, shares of the company have increased 5.4%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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