Goodyear Tire & Rubber Co.’s stock prices plummeted more than 4 percent Wednesday after President Donald Trump called for a boycott of the company for a reported “zero tolerance” policy on “Make America Great Again” hats and “Blue Lives Matter” messages.
A photo posted to Twitter showed a slide allegedly part of Goodyear’s diversity training that listed appropriate slogans and organizations that may be showcased on employee attire. In the “acceptable” column is “Black Lives Matter” and “Lesbian, Gay, Bisexual, Transgender Pride” while statements such as “Blue Lives Matter,” “All Lives Matter,” “MAGA Attire,” and “Political Affiliated Slogans or Material,” are deemed “unacceptable.”
While the company’s stock market performance suffered immediately after President Trump’s call to action, Goodyear has significantly underperformed in the last two years with stock prices falling over 60 percent despite a 43 percent increase in the NASDAQ overall.
According to the company, the declines showcased in the most recent quarterly report were “driven by lower industry volume and reduced sales from other tire-related businesses,” but some point out that the company’s financial downfall began long before COVID-19, causing some speculation about the company’s leadership and executives.
While Goodyear CEO Richard Kramer has donated to Republican candidates and lawmakers in the past, his most recent campaign donations were to two Ohio Democrats: Rep. Tim Ryan and Sen. Sherrod Brown. Kramer gave $1,000 to Ryan in 2018 and $2,500 to Brown in 2017. Federal campaign donation records compiled by the Center for Responsive Politics show that Kramer hasn’t donated to a Republican candidate for federal office in over a decade.
The company issued a statement in response to the leaked photo claiming that the image...
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2 comments:
Just for giggles I pulled some research. The stock price for Goodyear is extremely volatile. A 4% drop is just a hickup. They have been much lower in the last month, further back in the last 3 month period, and in March when the market tanked by a third. I would be going nuts if I had anything invested in Goodyear.
This is no reason to boycott Goodyear. The REAL reason to boycott Goodyear is that their products suck. Oh, and this gives NO ADDITIONAL reason to consider purchasing one of their products.
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