Michelin Drops After Warning of Plummeting North America Sales
An employee checks a tire in the final finish area on the production line at the Michelin Gravanche manufacturing plant in Clermont Ferrand, France.
Photographer: Nathan Laine/BloombergMichelin shares fell after the tiremaker lowered its financial guidance for the year following a bigger-than-expected sales slump in North America.
The stock declined as much as 11% in Paris on Tuesday, the steepest intraday drop in more than five years. It’s down around a fifth this year. Peer Continental AG also fell in Frankfurt.