Goodyear (GT - option chain) stock is trading lower today after the company announced a $435 million offering of preferred stock. The common stock is moving sharply lower this morning because it will be devalued when these preferred shares convert to common stock in 2014. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on GT.

This morning, GT opened at $14.99. So far today the stock has hit a high of $15.20 and a low of $14.65. As of 12:25, GT is trading at $14.69, down $0.76 (-4.9%). The chart for GT looks neutral and S&P gives GT a neutral 3 STARS (out of 5) hold ranking.

There are some boring businesses out there, and for me, selling tires is one of them. But Goodyear Tire & Rubber (NYSE: GT) is having an exciting day today while the major indexes wallow in another bearish posture, at least at the time of this writing.

For the fourth quarter, Goodyear increased its top line by 11% to $5.2 billion (in the previous year's quarter, a three-month strike affected sales to the tune of over $300 million). Net income from continuing operations came in at $0.27 per diluted share, a vast improvement over the $1.74 per-share loss observed in the year-ago period. For the full year, net sales increased 5% to $19.6 billion; net income from continuing operations was $0.65 per diluted share, against a loss in 2006 of $2.11 per diluted share.

Things seem to be going well for Goodyear. The company's cost-savings initiatives are on track, gross margin for the quarter was up, long-term debt and capital leases are down, and cash/equivalents stand at $3.5 billion. The stock is up 5.5% as I write this -- so, what's not to love?

I certainly don't want to rain on a parade here, but Goodyear just isn't my kind of company since it doesn't have a dividend yield at the moment. There are better old-economy ideas out there for me, ones that pay a dividend and seem like better bets. General Electric (NYSE: GE) comes to mind (it should, because I own it!). So, bravo to Goodyear for a well-executed period, but I won't be allocating investing dollars toward it; I know it's Valentine's Day and all, but I just don't feel the love.

Disclosure: I own shares of GE, and may buy more after this post.