Why Goodyear (GT) Soared on Friday?

We recently published a list of Shares of 10 Firms Soar on Friday. In this article, we are going to take a look at where The Goodyear Tire & Rubber Company (NASDAQ:GT) stands against other firms that soared on Friday.

Wall Street finished mixed anew on Friday, as investors continued to weigh fresh developments on tariffs and inflation data.

The Nasdaq was the sole index eking out gains, up 0.41 percent. The Dow Jones decreased by 0.37 percent while the S&P 500 was little changed, dipping 0.01 percent.

In line with Nasdaq’s rally, 10 companies predominantly under the technology sector led the charge. In this article, we detailed the reasons behind their stellar performance.

To come up with this list of biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A tire manufacturing plant, showing the mechanization and efficiency of the company’s operations.

The Goodyear Tire & Rubber Company (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) saw share prices rally by 17.26 percent on Friday to close at $9.58 apiece as investor sentiment was boosted by improvements in its earnings performance last year.

In a statement, Goodyear (NASDAQ:GT) said it achieved a net income of $72 million in the fourth quarter of 2024, reversing a $296 million net loss posted in the same period last year. Net income for the full year 2024 stood at $60 million, reversing a net loss of $687 million in 2023.

Revenues for the quarter, however, dipped 3.3 percent to $4.947 billion from $5.116 billion year-on-year, while revenues for the full-year comparable period declined 5.9 percent to $18.878 billion from $20.066 billion year-on-year.

For this year, Goodyear (NASDAQ:GT) reaffirmed its previous targets of delivering $1.5 billion in annual run-rate benefits, segment operating margin of 10 percent, gross proceeds above $2 billion from portfolio optimization, and a net leverage ratio of 2x to 2.5x.

Overall, GT ranks 5th on our list of firms that soared on Friday. While we acknowledge the potential of GT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.