AKRON, Ohio (AP) -- Shares of Goodyear Tire & Rubber Co. rose Thursday after the company said it will raise the price of its consumer tires.
THE SPARK: Citing rising raw material costs, Goodyear spokesman Jim Davis said the company will increase the price of its tires by 6 percent beginning Oct. 1.
THE BIG PICTURE: The company, which makes tires that include the Dunlop and Goodyear brands, said last month that it faced rising raw material costs. Those net costs were $54 million higher in the second quarter than a year-ago, Goodyear said while releasing its quarterly earnings report Aug. 2.
Davis said the tire price increase was the second this year.
SHARE ACTION: Shares of Goodyear rose 60 cents, or 6.3 percent, to $10.13 in early afternoon trading. Shares have ranged between $9.10 and $18.79 over the past 52 weeks.
