Cooper Tire & Rubber
fell after the company said first-quarter earnings will be lower than analysts' consensus estimate. The company cited weakness in the replacement tire market.
Recently, shares were down 8 cents to $12.24.
The company expects to earn 17 cents to 21 cents a share, compared with 36 cents a share in the first quarter of last year. Analysts expect the company to earn 25 cents a share.
"Replacement tire demand remains very soft, product mix has been weak, and raw material costs have been even higher than we expected. On the other hand, our automotive group operations have performed as expected, with sales exceeding last year's first quarter," said president and chief executive Thomas A. Dattilo.
The Findlay, Ohio-based company will release earnings on April 17.