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News Breaks | | | | January 31, 2013 | | 13:32 EDT |  | OLN | Olin 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. | |
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