The Goodyear Tire & Rubber Company(NYSE:GT) added 2.30% to $10.27 after analyst at Goldman raised their investment rating on the stock to Neutral from Sell, citing "a second derivative improvement" in replacement tire volumes in North America, easing raw material pressures with the firm's tire cost index down 22% from a recent peak, and reduced near-term pension cash contributions helping liquidity.
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Regions Financial Corporation(NYSE:RF) jumped over 4% after the firm posted well above analysts’ target profit. The regional bank said Tuesday it earned $284 million, or 20 cents per share, beating analysts' average expectation of 14 cents a share, according to data provider FactSet. In the 2011 quarter, Regions reported net income of $55 million, or 4 cents per share. The increase on a per-share basis was tempered by a nearly 13 percent jump in the number of outstanding shares, which diluted results.
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The bank set aside $26 million in the quarter for future loan losses, compared to $398 million in the same period last year. The sharp drop is a reflection of Regions' confidence on the better quality of loans in its portfolio and the fact that more of its customers are paying back on time.
Boyd Gaming Corporation(NYSE:BYD) plunged over 13% to $5.79 after the company posted lower than estimated second quarter earnings. The company reported net income of $977,000, or a penny per share, reversing a year ago loss of 4 cents per share. But analysts forecast higher earnings of 10 cents per share, according to a FactSet survey. Revenue gained 7 percent to $615.2 million from $574.4 million, taking in more money from gambling, food and beverages, and lodging. Revenue for the Midwest and South climbed 28.6 percent to $233.7 million. Revenue for its Borgata joint venture in Atlantic City, N.J. and for the casinos that Las Vegas locals frequent declined.
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