In retrospect, 1998 wasn't such a good year for Goodyear
Due to a shockingly undetected error in the company's accounting software, it had overstated its earnings by roughly $100 million over the past five years and change. Walking around with a little mud-flap splatter in the face is Merrill Lynch
But poor Goodyear. Last year, it posted a $1.1 billion loss that is now apparently even worse. It's stuck in a dud of a sector. Rival Michelin warned of lower sales yesterday. Whether you blame this on the pricing wars that recently broke out after Ford
Goodyear's got a flat. In the rain. In a pool of quicksand.
It's been a long time since Goodyear lived up to its name. That's not going to change anytime soon. When you're down to retreading balding financials, the potholes that lie ahead look like bunkers.
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