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January 31, 2013
13:32 EDTOLNOlin rallies after Wells ups rating on Dow production cut
Olin Corporation (OLN) is climbing after Dow Chemicals (DOW) stated that it would shut down some of its chloralkali production capacity, according to Wells Fargo. A chemical process used to develop chlorine, sodium hydroxide and hydrogen, chloralkali is a major part of Olin's business. In a note to investors earlier today, Wells Fargo analyst Frank Mitsch wrote that Dow Chemicals stated that it would close some of its chloralkali production capacity later this year. Dow does plan to launch a new chloralkali production facility in 2013, but the company's announcement means that it will not be producing a larger total amount of chloralkali at that time, according to the analyst. Dow's announcement is positive for Olin, wrote Mitche, and he raised his rating on the stock to Outperform from Market Perform. The analyst, who believes that Olin will begin buying back some of its own shares in 2013, has a $26-$28 valuation range on the stock. In mid-afternoon trading, Olin rallied 99c, or 4.39%, to $23.52.
News For OLN From The Last 14 Days
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October 23, 2014
17:41 EDTOLNOlin Corp. sees Q4 EPS 20c-25c, consensus 33c
Chlor Alkali Q4 earnings are expected to improve compared to 4Q13 due to higher volumes and lower operating costs, partially offset by lower ECU netbacks. Q4 Chemical Distribution earnings are expected to improve from 4Q13. Earnings in the Winchester segment are expected to decline from the record 4Q13 levels, but are expected to be similar to 4Q12 levels. Q4 earnings are also expected to include pretax restructuring charges of approximately $1M. As a result of the continued weaker than expected chlorine and caustic soda demand and pricing, the company has revised its full year adjusted EBITDA forecast to the $345M-$365M range.
17:38 EDTOLNOlin Corp. reports Q3 EPS 33c, consensus 42c
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