Cytec cuts FY14 net interest expense outlook to $17M from $25M Sees Q3 effective tax rate 31% plus or minus a percent. Expects capital spending to trend down in Q3 and more significantly in Q4. Expects to start generating excess free cash flow in 2H14. Says Cytec "well positioned" for the next 20 years. Expects overall full-year sales to be stronger than the company originally forecasted. Comments made during the company's Q2 earnings conference call.
Cytec Industries downgraded to Neutral from Buy at Goldman Goldman Sachs analyst Robert Koort downgraded Cytec Industries after the company entered into a definitive agreement to be acquired by Solvay for $75.25 per share in cash.