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   Technology StocksGoodyear Tire & Rubber GT


To: Jack Hartmann who started this subject1/17/2003 5:23:14 PM
From: Jack Hartmann
   of 10
 
AKRON, Ohio, Jan. 16, 2003 – The Goodyear Tire & Rubber Company today announced restructuring actions in its corporate headquarters and North American Tire organizations that will result in the elimination of more than 700 salaried staff positions. The actions are being taken as part of an ongoing program to improve the company’s fixed-cost structure.

Of the total, nearly 500 jobs will be eliminated through layoff, including 350 in Akron. The remaining layoffs will be distributed across the corporation’s other North American locations. Approximately 200 of the job eliminations have been achieved through attrition since the beginning of the fourth quarter of 2002.

Separately, the company announced that 34 hourly positions at the Akron Technical Center will be eliminated.

The actions, for which the company will take a pre-tax charge of approximately $75 million, are expected to result in annualized savings totaling $80 million, of which $75 million is expected to be achieved during 2003.

Of the positions eliminated, about half are in the company’s North American Tire operation, with the remainder coming from Goodyear’s corporate function and support groups. The job reductions are expected to be complete by March 31. After these actions, Goodyear will continue to employ more than 3,000 associates in Akron.

"The year 2003 will be one of change and transformation for Goodyear. For Goodyear to restore its earnings growth momentum in this difficult economy, especially in North America, we must improve our cost structure, simplify our business processes and operate more efficiently while continuing to serve our customers," said Robert J. Keegan, president and chief executive officer. "Difficult actions such as these must be among those we take.

"These decisions were not made lightly," he said. "While painful for our associates and the Akron community, they are necessary to accelerate Goodyear’s turnaround and help it achieve our goals for growth, market position and financial performance. We must focus on making Goodyear a strong employer both in the Akron area and worldwide for the thousands of associates who will continue to work for this company."

Goodyear is the world’s largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs about 92,000 people worldwide

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To: Jack Hartmann who started this subject2/4/2003 2:10:08 PM
From: Jack Hartmann
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13:52 ET GT Goodyear Tire eliminates dividend (4.52 -0.65, halted) -- Update --
"The elimination of the dividend is an important step in a series of actions the company is taking to improve its financial flexibility in light of recent disappointing results and challenging economic conditions."

*plays taps*

Nothing like whacker the pensioners.

Jack

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To: Jack Hartmann who wrote (2)2/10/2003 2:25:16 PM
From: chicoman
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GT$ ABOVE $4.00 AGAIN...any techies gotta call on this one ....any thoughts jack.. chicman

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To: chicoman who wrote (3)2/10/2003 4:52:03 PM
From: Jack Hartmann
   of 10
 
I think it is a short covering bounce. GT needs to base a while after that dividend cut.

Jack

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To: Jack Hartmann who wrote (4)2/11/2003 11:12:52 AM
From: chicoman
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ME TOO...but do they have to stay above $5.00 to be marginable in u.s.a accounts....if so a base at 5 instead of 4-... brian

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To: chicoman who wrote (5)9/28/2003 8:41:02 PM
From: MacRules
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Is GT a good buy at this point? It went down sharply last week. What is going on GT?

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To: MacRules who wrote (6)10/1/2003 3:01:27 PM
From: Jack Hartmann
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GT is hurting from massive debt.

jack

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From: MacRules12/3/2005 5:03:21 PM
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GT went up a lot this year.
I am very happy owning some of GT share.

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From: letsmakerealcash11/28/2006 9:00:37 AM
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love it

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From: JATrudel5/2/2011 4:53:34 PM
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In these difficult times of record unemployment the auto replacement business is rocking. GT just reported record sales and blew away the street in profits Friday. Goodyear has good branding, is thriving worldwide and the stock shows both volume and volatility; it's a very active trade. Given so much uncertainty in consumer goods and the markets in general, IMO this will be a solid core stock to build a position around going forward with everyone expecting a pullback. Huge gap up Friday. Stock's tendency in the past has been to ignore the gaps and keep trending. It now has three unfilled gaps as of the close of business today. Pep Boys is another I'm watching as its vastly underpriced in comparison to its competition.

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