AlphaNinja - US stocks are off their highs but still up about half a percent.
Among gainers are the mortgage enablers.
Leading the losers is Tital International. Their tires are proving to last about 1% as long as expected, possibly because of dealers sabotaging them? Not good at all.
The tires, which cost about $42,000 each, carry Caterpillar Inc.-built 797B trucks at oil-sands operations such as Shell’s Muskeg River Mine 270 miles (434 kilometers) north of Edmonton. Taylor, who in March said expanding into oversized tires would triple sales to $3 billion in five years, blamed the early failures on local dealers who set air pressure too low, raising internal temperatures and causing steel belts to separate.
“The tire dealers up there demanded a 7 percent to 10 percent kickback, but I refused to pay it,” Taylor said. “If you don’t give them some money, they let a little air out of your tires, and no one sees it.” He didn’t identify the dealers.