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Hurricane Gustav brings boost to Goodyear and Cooper Tire

September 02, 2008
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Shares of tire makers Goodyear Tire & Rubber Co. and Cooper Tire & Rubber Co. both posted big gains Tuesday after news that Hurricane Gustav had largely spared the Gulf Coast and its oil facilities sent the price of crude down, the Associated Press reports. Light, sweet crude fell $6.69 to $108.77 a barrel in afternoon trading on the New York Mercantile Exchange. Like other automotive-related stocks, shares of tire companies have been hurt this year by a drop in demand for new vehicles and rising raw material costs. Tire companies are especially sensitive to fluctuations in oil prices because of the substantial amount of oil used to produce them. In afternoon trading, Goodyear shares advanced 84 cents, or 4.3 percent, Cooper shares rose 77 cents, or 8.1 percent.

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