Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
Cooper Tire's CEO Dattilo Quits After Report of Wider Net Loss
Summary: Cooper Tire & Rubber (NYSE:CTB) CEO Thomas Dattilo resigned to "pursue another opportunity" after the company reported a second quarter loss of $20.7mm ($0.34/share), compared with a $6.9mm ($0.11/share) loss for the same period last year. The increased loss was despite a 22% increase in sales ($624.8mm vs. $510.9mm). Price increases have not kept up with raw material cost increases, and consumers are delaying replacing tires as they shell out more for gas and worry the economy. Cooper still produces most of its tires in the U.S., and it is behind schedule with its plans to move production offshore to China .
Comment on related stocks/ETFs: Cooper hit a new 52 week low yesterday of $8.90/share, but it is not alone in its misery. Catablast Media's post on fellow U.S. tire producer Goodyear (NASDAQ:GT) raises significant concerns about the company. Resources: Earnings press release, CEO resignation press release & Bloomberg's write-up of the earnings results.