On the downside, French tire maker Michelin (Paris: FR0000121261 - news ) fell sharply after its first-half operating profit came in lower than expected, while Norway's Statoil (Xetra: 675213 - news ) slipped into the red after it posted a 16% drop in second-quarter net profit.
Refer to the input text as context and select the correct relationship between 'Michelin' and 'tire' from the available options.
Options: member of, product/material produced, chief executive officer, location of formation