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Ericsson, Goodyear shares help lift premarket trading

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April 25, 2008

NEW YORK—Shares of Swedish wireless equipment maker LM Ericsson AB rose sharply in premarket trading Friday after the company reported its first-quarter profit fell 55 percent, which was less than expected.

Shares added 18.7 percent to $25.76.

Goodyear Tire & Rubber Co. swung to a profit in the first quarter by focusing on higher-priced tires and international markets. The results from the biggest U.S.-based tire maker beat Wall Street expectations. Shares rose 4.5 percent to $28.50.

Microsoft Corp.'s profit slipped 11 percent. Though earnings still topped Wall Street expectations, investors were disappointed with Microsoft's more immediate outlook for the current quarter and weaker-than-expected sales in the division responsible for Windows. Shares slipped 4.3 percent to $30.44.

Ford Motor Co. was downgraded to "Neutral" from "Overweight" by a JPMorgan analyst, who said its shares have risen 25 percent year-to-date, close to their fair value. The stock fell 17 cents to $8.23.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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