Why Cooper Tire & Rubber (CTB) Is Down Today

NEW YORK (TheStreet) -- Cooper Tire & Rubber (CTB) was falling 8.8% to $22.63 on Monday after the tire maker said Chinese labor strikes cost the company $29 million in the third quarter.

In its delayed third-quarter earnings report, Cooper said labor strikes cost it $22 million in reduced production. The remaining $7 million hit was due to "manufacturing inefficiencies." The tire maker also incurred $5 million in expenses due to a failed bid by Apollo Tyres to acquire Cooper.

Cooper posted break-even earnings on a per-share basis in the third quarter. Revenue fell 24% to $832 million. 

The company expects to report fourth-quarter results sometime in mid-March.

Must read: Short Interest Expands By 12.2% For CTB

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TheStreet Ratings team rates COOPER TIRE & RUBBER CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate COOPER TIRE & RUBBER CO (CTB) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."

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