American Express, Advance Auto Parts, Goodyear: Top Stocks
Barclays initiated coverage on American Express (AXP) with an outperform rating, naming the company the top credit card issuer.
Advance Auto Parts (AAP) announces $150 million cost savings program and lowered its guidance amid plans to sell its subsidiary Worldpac.
Goodyear (GT) announced its transformation plan — 'Goodyear Forward' — which includes cutting costs, reducing debt and revamping its portfolio. The company also announced CEO Richard Kramer will retire in 2024.
Yahoo Finance Live breaks down the action surrounding several stocks in the morning trading session.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Video Transcript
BRAD SMITH: We are about 30 minutes into the trading day. Let's take a look at how things are shaping up right now. The major averages are extending their gains this morning as cooling-producer prices and consumer-spending signal good news for the Fed.
SEANA SMITH: And taking a look at some of those individual movers. American Express today named the best card issuer by Barclays. Now, Analyst Terry Ma, initiating coverage on the stock with an overweight rating and a $184 price target that implies pretty significant upside to where the stock is currently trading at a $158.
BRAD SMITH: And Advanced Auto Parts is attempting to drive up profitability with a $150 million cost-savings plan as the company reports a surprise loss in its third quarter. The company also announced its decision to initiate the sale of Worldpac as well as its Canadian business in order to have a more focused business model.
SEANA SMITH: And, good news for Goodyear, the tire company making several announcements today that boosted investor sentiment first. Long-time CEO Richard Kramer intends to retire next year after spending more than a decade in the position. Now the company is also exploring strategic alternatives for its chemical business, its Dunlop brand, and its off-the-road equipment tire business in an effort to raise over $2 billion in proceeds. You're looking at gains of just over 2%.
