Jeff Middleswart: Goodyear Will Declare Bankruptcy
Earlier on CNBC, analyst Jeff Middleswart discussed the prospects for tire manufacturer Goodyear (NYSE: GT).
Middleswart was very bearish on the company, stating that it was unlikely they could turn their situation around. He stated that the recent rise in revenue has been due to inflation.
Middleswart noted that the company is bleeding money and has had to issue preferred shares to survive. He predicted that the company will eventually declare bankruptcy.
When asked, Middleswart stated that the company could be purchased down the line, but that it would bought for a much lower price than what the company is currently worth.
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