Goodyear Beats Street, Stock Surges

Goodyear(GT Quote) suffered its second straight quarterly loss, as worldwide demand for tires continued to plunge, but the results nevertheless weren't as bad as Wall Street had anticipated, sending shares of the company up 11% in morning trading Wednesday.

The Akron, Ohio, company recorded a net loss of $333 million, or $1.38 a share, on revenue of $3.5 billion. Excluding items, however, Goodyear's per-share bottom line of $1.19 beat analysts' estimates, according to Thomson Financial.

"While we aren't satisfied with our results, they generally reflect the difficult market conditions," Robert J. Keegan, Goodyear's chairman and CEO, said in a statement. ...