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Oct. 6, 2015, 10:15 AM
- DuPont (DD +12%) bursts out of the gate to lead all Dow advancers in early trading following yesterday's news after the close that CEO Ellen Kullman would retire amid a reduced outlook for the year and an accelerated plan to cut expenses.
- The board probably pushed Kullman out because of the failure to meet predicted profit, says Suntrust analyst Jim Sheehan, adding "They clearly needed a sacrificial lamb. You wouldn’t have a CEO step aside with only a couple weeks notice without a successor in place unless it was unplanned."
- Deutsche Bank analyst David Begleiter thinks a breakup of DuPont is highly likely following Kullman's departure, noting that interim DuPont CEO Ed Breen as CEO of Tyco broke up the company twice.
- Begleiter believes a separation into an agriculture, nutrition and biosciences company and a chemical and materials company would unlock substantial shareholder value, and reiterates his Buying rating with a sum-of-the-parts analysis yielding a value of $67/share vs. yesterday's closing share price of ~$51.
Oct. 6, 2015, 9:15 AM
Oct. 5, 2015, 5:41 PM
Oct. 5, 2015, 4:24 PM
- Du Pont (NYSE:DD) is up 4.3% after hours as it says CEO Ellen Kullman is retiring from the company, effective Oct. 16, and it updated guidance with better cost savings than expected.
- Current director Edward Breen will take on the role of interim chairman and CEO while the company seeks a full-time replacement.
- The company says it now sees operating EPS for the full-year of $2.75, down from a prior $3.10, chiefly due to foreign exchange and the continuing strength of the dollar. Brazil's weaker agricultural market (and sinking currency) also play a part in the new outlook.
- It's accelerating an operational redesign by a year and is expecting to save $1.3B on a run rate basis by the end of 2016. Du Pont is also targeting about $1.6B in savings on a run rate basis by the end of 2017.
- The company will discuss the moves in a conference call at 5 p.m. ET.
- Shares had moved up 4.1% during market hours.
Oct. 2, 2015, 4:13 PM
- Du Pont (DD +1.9%) could face punitive damages in a trial involving an Ohio woman who says she got kidney cancer from contaminated water.
- A judge ruled against a motion by the company to find that punitive damages might apply. The case may help settle thousands of similar suits related to the company's dumping of the chemical C8 -- used in making Teflon -- into area drinking water.
- Plaintiff Clara Bartlett says that Du Pont knew there were risks from the chemical that the company didn't share with the public. Du Pont's chief scientist testified Thursday that he was tracking potential problems with C8 but didn't know until 2012 that it could cause several diseases.
Sep. 30, 2015, 11:59 AM
- Federal investigators have found broad safety problems at DuPont's (DD +1.5%) La Porte, Tex., plant where four workers died last year from exposure to a toxic gas, according to a report from the U.S. Chemical Safety Board.
- The unit where the workers died did not having adequate ventilation or air monitoring to ensure worker safety, and procedures were not followed that would have restricted worker access to areas where ventilation fans were not working, according to the report.
- A review by DuPont of systems at the plant that control overpressure in equipment is in the fourth year of a five-year assessment, but is only 35% complete, according to the board.
Sep. 28, 2015, 12:58 PM
- Huntsman (HUN -23.8%) plunges by nearly 25% following an earnings warning from the company after Friday's market close that lower titanium dioxide pricing, currency headwinds, soft demand in Asia, lower oil prices and a delay in benefits from lower raw material prices will negatively impact Q3 earnings.
- HUN says it also sees lower margins for methyl tertiary butyl ether due to lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region.
- CEO Peter Huntsman says he is "optimistic about the future" despite the short-term headwinds, and that the company anticipates Q4 adjusted EBITDA similar to Q3 at ~$300M, similar to last year's level; HUN also remains committed to a separation of the pigments and additives business by year-end 2016 or sooner.
- Other chemical companies also are lower: DOW -2.7%, DD -1.7%, EMN -4%, ASH -4.3%, CC -7.6%, KRO -1%, SHLM -3.1%, LYB -4.1%, SSL -4%, OTCQX:BASFY -1.3%.
Sep. 25, 2015, 8:42 AM
- A federal judge has refused to dismiss one of two test cases that could possibly help settle thousands of similar lawsuits against chemical giant DuPont (NYSE:DD).
- The complaint alleges the chemical giant knew the potentially dangerous risks posed by perfluorooctanoic acid, known as C-8. Dupont's plant near Parkersburg, West Virginia, had been depositing the acid into the Ohio River for years, but declined to inform the public.
- Previously: DuPont to face first trial over C-8 exposure (Sep. 14 2015)
Sep. 22, 2015, 10:17 AM
- DuPont (DD -0.5%) is upgraded to Buy from Neutral with a $63 price target at Citigroup, which cites "tremendous value creation levers available" including additional cost cutting, returning more cash to shareholders and potentially splitting the company.
- The firm argues that splitting DuPont's ag/bio business from the materials businesses makes strategic sense since they are inherently different businesses, and such a move would be consistent with the portfolio simplification trend seen across many companies in chemicals.
- Citi also sees potential for DuPont to combine its ag business with Dow Chemical’s (DOW -1.6%), noting that Dow has a track record of developing new traits while DuPont’s high market share in seeds creates a natural distribution channel.
Sep. 14, 2015, 9:59 AM
- DuPont (DD -1%) today will face the first trial in litigation from residents near one of its plants in West Virginia who have accused it of sickening them with a toxic chemical that leaked into their drinking water.
- While DuPont is the named defendant, the recent performance chemicals spinoff Chemours (CC -2.4%) will cover Dupont's potential liability.
- Plaintiffs say DuPont used perfluorooctanoic acid, known as C-8, at the company's Washington Works plant in Parkersburg, W. Va., since the 1950s and continued even after learning it was potentially toxic and that it had been discovered in nearby drinking water supplies in Ohio and West Virginia.
Aug. 14, 2015, 8:58 AM
- DuPont (NYSE:DD) +1.8% premarket after J.P. Morgan upgrades shares to Overweight from Neutral with a $60 price target, up from $58, citing a positive risk/reward profile after five years of underperforming the market despite lingering negative conditions in the chemicals industry.
- "High-quality agricultural companies have received high-teens EBITDA bids, which we read as a rough marker of intrinsic value," JPM says, adding that DuPont's plans to repurchase shares worth $4B over the next 18 months may offer "stability or strength to the share price."
- The firm says the referendum on DuPont's performance sought by activist investor Nelson Peltz that was settled by a vote of confidence in management is a positive for the stock, and "management is now in a position to demonstrate that the confidence of its shareholder base was well-placed."
Jul. 28, 2015, 10:58 AM
- DuPont (DD -0.2%) bounces off sharp early lows after a NY Post report indicates Nelson Peltz's Trian Fund may resume its proxy fight.
- In May, Peltz was thwarted in his push to streamline DuPont's operations and potentially break up the company as he campaigned to gain four board seats; DuPont CEO Ellen Kullman won over shareholders thanks largely to the July 1 spin off the Chemours chemicals unit and the expectation of a $100M quarterly dividend.
- But analysts quoted in the report say Chemours’ disappointing results signal that DuPont can no longer afford such a big dividend; DuPont gave Peltz more ammunition today when it reported Q2 results that fell well short of estimates.
Jul. 28, 2015, 8:51 AM
- E. I. du Pont de Nemours (NYSE:DD) declares $0.38/share quarterly dividend, -22.4% decrease from prior dividend of $0.49.
- Forward yield 2.68%
- Payable Sept. 11; for shareholders of record Aug. 14; ex-div Aug. 12.
Jul. 28, 2015, 7:29 AM
- Net income of $940M vs. $1.07B in the same quarter a year ago. Excluding special items, operating earnings were $1.18 a share, down from $1.17 per share, the prior year.
- Net sales fell 11.5% to $8.6B, due to negative currency impacts, low crop prices and weakness in chemicals.
- Agricultural sales tumbled 11% to $3.22B, while operating profit in the segment fell to $778M vs. $836M a year ago.
- In connection with its recent Chemours spin-off, DuPont's (NYSE:DD) board has authorized the purchase of $2B of common stock by Dec. 31, 2015, with the remainder to be purchased by Dec. 31, 2016.
- The company also lowered its 2015 operating earnings forecast from $4.00 to $3.10 per share (excluding $0.80 per share from Performance Chemicals), citing weak demand for crop protection and lower volumes.
- DD -1.6% premarket
- Q2 results
Jul. 28, 2015, 6:07 AM
- E. I. du Pont de Nemours (NYSE:DD): Q2 EPS of $1.18 misses by $0.01.
- Revenue of $8.59B (-11.5% Y/Y) misses by $130M.
Jul. 27, 2015, 5:30 PM
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E I du Pont de Nemours & Company is a science and technology based company. It offers products and patents applications for agriculture, nutrition, electronics and communications, safety and protection, home and construction, transportation and others.
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