After Trump Tries to Cancel Goodyear, Odds Released on Company’s Stock Price
By Robert Duff in Politics News
Published:
- US President Donald Trump tweeted that American people should boycott the Goodyear Tire Company
- A video surfaced suggesting that Goodyear was banning MAGA hats, raising Trump’s ire. The company denied this claim in an official statement
- See the odds on how it could affect Goodyear’s stock price within the story below
To put it bluntly, Donald Trump is not having a good year.
The US President put himself square in the middle of the another controversy this week, opting to get into a Twitter war with US-based tire maker Goodyear.
A video surfaced of an alleged Goodyear diversity training session that was suggesting among other things that Trump’s MAGA hats would be banned from the company’s properties.
The President immediately took to Twitter, his favorite bully pulpit, calling for a boycott of all Goodyear products.
Sportsbooks took notice. A betting line was introduced asking how this news will impact Goodyear’s stock price.
Odds on Goodyear Stock Price at August 31st Closing Bell
| Outcome | Odds |
|---|---|
| Over $10 | -140 |
| Under $10 | +100 |
Odds as of Aug. 20th
Among the vehicles riding on Goodyear tires are Trump’s own secret service vehicles, and the Trump 2020 car on the NASCAR circuit.
Trump Burning Rubber
Just when it looked like Trump was closing the gap in the election odds between himself and Democratic challenger Joe, he decided that attacking an American-based company that employees over 60,000 in the country was a wise political strategy.
And he did so in a battleground state that is historically a predictor of the outcome of a Presidential election.
Don’t buy GOODYEAR TIRES – They announced a BAN ON MAGA HATS. Get better tires for far less! (This is what the Radical Left Democrats do. Two can play the same game, and we have to start playing it now!).
— Donald J. Trump (@realDonaldTrump) August 19, 2020
Since 1944, Ohioans have sided with the losing Presidential candidate on one occasion – opting for Nixon over Kennedy in 1960.
While the move will clearly appeal to his fervent base of support, it’s not clear how going after one of the most well-respected American companies is going to Make America Great Again.
You realize goodyear already got your money for those tires? They didn't lose out on anything by you being stupid and slashing your own tires.
— Mark Hoelscher (@computerfachman) August 20, 2020
The move also served to emphasize another Trump contradiction. Just a few weeks prior, he used the White House to declare his support for Goya Beans. Boycotts of the company were called for after it was revealed that Goya contributed to the Trump campaign.
Trump publicly slammed cancel culture. Then on Wednesday, he set out to cancel an American institution.
Goodyear Responds Quickly
After Trump’s tirade, Goodyear issued an official statement about the video that so angered the President. The company insisted that it was not an official Goodyear diversity training session as claimed.
In fact, Goodyear was emphatic that the company had nothing to do with the meeting.
Yesterday, Goodyear became the focus of a conversation that created some misconceptions about our policies and our company. Goodyear has always wholeheartedly supported both equality and law enforcement and will continue to do so. pic.twitter.com/oO6jUg2rTR
— Goodyear (@goodyear) August 19, 2020
The statement emphasized that all company associates are asked to refrain from all forms of expression of support for a candidate from any party or political organization. Goodyear also was emphatic that the company wholeheartedly backs racial justice and equity issues.
Finally, the tire company declared its full support for law enforcement.
The Trump Bump
Goodyear stock, traded on the New York Stock Exchange, briefly dropped by more than 2% on Wednesday before recovering the lost ground after Goodyear issued its rebuttal.
It opened at $9.50 a share on Thursday, climbing as high as $9.66 before beginning an early-afternoon slide down to $9.38. Goodyear shows a 52-week high of $17.20 and a low of $4.09. It’s been mostly rising, though since July 1st, when it sat at $8.59 a share.
Goodyear has believed in this community for generations, investing in the power, tenacity and honest people of the heartland, which is more than we can say for this president. #WeStandWithGoodyear pic.twitter.com/0bM8Xax018
— Mayor Shammas Malik (@AkronOhioMayor) August 19, 2020
This move holds the potential to backfire spectacularly on Trump. The United Steelworkers organized an anti-Trump rally on Thursday in Akron, Ohio, home of Goodyear.
Trump talked about swapping out the Goodyear tires on his government vehicles for another brand. Funny thing is, a lot of Americans are talking about swapping out who sits behind the desk in the Oval Office come Nov. 3rd.
Pick: Over $10 (-140).
Sports Writer
An industry veteran, Bob literally taught the course on the history of sports at Elder College. He has worked as a Sports Columnist for Postmedia, appeared as a guest on several radio stations, was the Vice President of the Society For International Hockey Research in Ontario, and written 25 books.
