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News Breaks
March 11, 2014
07:32 EDTDOW, FMCFMC split puts added pressure on Dow Chemical, NY Times says
The decision by FMC Corporation (FMC) to break up its agriculture and pharmaceutical businesses from its commodity minerals unit may put additional pressure on Dow Chemical (DOW) to break-up its petro- and specialty chemicals groups, as has been urged by activist investor Dan Loeb, said The New York Times' DealBook's Kevin Allison. Reference Link
News For FMC;DOW From The Last 14 Days
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October 5, 2015
13:47 EDTDOWOptions with increasing volume
Options with increasing volume; DOW BBBY HOG INFY JBL SFUN YNDX AMAT CIT
13:13 EDTDOWDow closes transaction to separate significant portion of chlorine value chain
The Dow Chemical Company (DOW) announced the successful closing of the previously announced split-off transaction, resulting in the separation of a significant part of Dow's chlor-alkali and downstream derivatives businesses and merger of these businesses with Olin Corporation (OLN) to create a company with revenues approaching $7 billion. Included are Dow's U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics, and Global Epoxy business units, in addition to 100 percent interest in the Dow Mitsui Chlor-Alkali joint venture. The closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions. As a result of the exchange offer, Dow will reduce outstanding shares of its common stock by more than 34 million shares or nearly 3 percent of outstanding common shares. The transaction is highly accretive to Dow and Dow shareholders, with a tax-efficient consideration of greater than $4.6 billion on an after-tax basis and taxable equivalent value in excess of $7 billion. With this transaction, Dow exceeds its prior stated goal to divest $7 billion to $8.5 billion of non-strategic businesses and assets by mid-2016, with the total now approaching more than $12 billion in pre-tax proceeds. The transaction has a tax-efficient consideration value of $4.6 billion, or taxable equivalent value in excess of $7 billion including $2.1 billion of a combination of cash and debt retirement, nearly $1.0 billion of assumed debt and pension and other liabilities assumed by Olin, in addition to an estimated $1.5 billion in Olin common stock distributed to Dow stockholders in the exchange offer. The split-off structure of the transaction allows Dow to return $1.5 billion in value to shareholders and increase earnings per share by using Splitco common stock in the exchange offer instead of cash. With $2 billion in share repurchases to date in 2015 and the closing of this split-off transaction, Dow has effectively completed $6.5 billion of previously committed shareholder-focused actions. In November 2014, Dow announced a new $5 billion tranche to its existing $4.5 billion share repurchase program, bringing the total program to $9.5 billion. This transaction also includes a 20-year long-term capacity rights agreement for the supply of ethylene by Dow to Olin, in which Dow will receive up-front payments of up to $1.2 billion and, in return, Olin will receive ethylene at co-investor, integrated producer economics.
13:11 EDTDOWOlin completes merger with Dow's chlorine products businesses
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10:06 EDTDOWHigh option volume stocks
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09:44 EDTDOWActive equity options trading on open
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08:44 EDTDOWDow reports preliminary results of exchange offer for Chlorine Value Chain unit
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October 1, 2015
10:32 EDTDOWBernstein U.S. chemicals analysts hold an analyst/industry conference call
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08:01 EDTDOWDow AgroSciences, Synthace enter into research collaboration
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September 30, 2015
16:00 EDTDOWOptions Update; September 30, 2015
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09:59 EDTDOWActive equity options trading on open
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September 29, 2015
16:00 EDTDOWOptions Update; September 29, 2015
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September 28, 2015
12:39 EDTDOWHuntsman plunges after warning of continued headwinds
Shares of chemical maker Huntsman (HUN) are plunging after warning that headwinds would impact its third quarter earnings. WHAT'S NEW: After the close on Friday, Huntsman warned that certain trends are expected to impact Q3 earnings. Trends expected to impact its earnings include lower titanium dioxide selling prices amid continued foreign currency headwinds, the company said. The company also noted continued soft demand in the Asia Pacific region. Huntsman said it also sees lower MTBE, or methyl tertiary butyl ether, margins as a result of lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region. Peter Huntsman, the company's chief executive officer, said the company is "optimistic about the future" despite seeing headwinds in the short term. "Lower raw material prices impacted demand and margins in Q3, thus the accounting benefits will be delayed into the fourth quarter," added Huntsman. The company is anticipating fourth quarter adjusted EBITDA similar to Q3 at about $300M, similar to last year's level. The company is committed to a separation of the Pigments and Additives business by the end of 2016 or sooner. WHAT'S NOTABLE: On August 17, Goldman Sachs removed Huntsman from its Conviction Buy List and said investors remain skeptical on value proposition and free cash flow generation that could strengthen the balance sheet is likely several quarters away. The firm continued to rate shares a Buy with a $26 price target. PRICE ACTION: In midday trading, shares of Huntsman are down 23.08% to $10.70. OTHERS TO WATCH: Other chemical companies are trading lower, including Chemours (CC), which is down 7.8%, Kronos Worldwide (KRO), down 1.62%, Dow Chemical (DOW), falling 3.94% and DuPont (DD), down 2.06%%.
September 24, 2015
16:00 EDTDOWOptions Update; September 24, 2015
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14:40 EDTFMCEPA cites FMC Corporation for violating federal pesticide law
The U.S. EPA has issued a complaint against Philadelphia-based FMC Corporation for violations of the federal pesticide law related to the marketing and distribution of its agricultural product, "Stallion Brand Insecticide." EPA cited FMC for violating the Federal Insecticide, Fungicide, and Rodenticide Act, a federal law requiring the registration of pesticide products and pesticide-production facilities, and the proper labeling of pesticides. FIFRA's requirements protect public health and the environment by ensuring the safe production, handling and application of pesticides; and by preventing false, misleading, or unverifiable product claims. FIFRA also prohibits the marketing of misbranded, improperly labeled, or adulterated pesticides. Reference Link
11:17 EDTDOWStocks with call strike movement; BABA DOW
Alibaba (BABA) December 70 call option implied volatility increased 4% to 40, Dow Chemical (DOW) December 47 call option implied volatility increased 5% to 51 according to iVolatility.
September 23, 2015
16:00 EDTDOWOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
10:00 EDTFMCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Baidu (BIDU) upgraded to Buy from Underperform at CLSA... BioMed Realty (BMR) upgraded to Buy from Hold at Canaccord... Carnival (CCL) upgraded to Buy from Neutral at Nomura... (CTRP) upgraded to Buy from Outperform at CLSA... Daktronics (DAKT) upgraded to Buy from Hold at Needham... FMC Corporation (FMC) upgraded to Buy from Hold at Jefferies... Finish Line (FINL) upgraded to Outperform from Market Perform at FBR Capital... Intel (INTC) upgraded on potential PC, client business rebound at Bernstein... MTN Group (MTNOY) upgraded to Neutral from Sell at Goldman... Mitcham Industries (MIND) upgraded to Buy from Neutral at Sidoti... Parker Drilling (PKD) upgraded to Buy from Neutral at Sidoti... Raytheon (RTN) upgraded on international outlook at Bernstein... Regional Management (RM) upgraded to Buy from Hold at Jefferies... Vivendi (VIVHY) upgraded to Hold from Underperform at Jefferies... Wolverine World Wide (WWW) upgraded to Neutral from Sell at Citi.
09:18 EDTDOWPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
08:22 EDTDOWReport sheds new light on spending of Dow CEO, Reuters reports
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06:15 EDTFMCFMC Corporation upgraded to Buy from Hold at Jefferies
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