Goodyear’s stock fall after Trump tweet urging boycott of company’s tires, while rivals’ shares gain

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Shares of Goodyear Tire & Rubber Co. dropped 3.1% in afternoon trading Wednesday, after President Donald Trump urged people not to buy the tire maker’s tires, after reports that the company is prohibiting workers from wearing apparel with political slogans, which would include “Make America Great Again” hats. “Don’t buy GOODYEAR TIRES — They announced a BAN ON MAGA HATS. Get better tires for far less!,” Trump tweeted. Meanwhile, shares of rival tire maker Cooper Tire & Rubber Co. rose 1.2% and the U.S.-listed stock of Japan-based Bridgestone Corp. climbed 1.5%. Goodyear’s stock has tumbled 39.4% year to date, while Cooper Tire shares have rallied 21.2% and the S&P 500 has gained 5.2%.
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