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Dow Chemical Co.

6/19/2013, 6:45 AM ET

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Monday, June 17, 7:57 AM Sadara Chemical, Dow Chemical's (DOW) JV with Saudi Aramaco, secures loan facilities worth ~$10.5B to support construction of a $19.3B petrochemical complex at Jubail in Saudi Arabia. Dow expects Sadara to deliver EBITDA margins of 35%-40% and a stream of equity earnings for Dow averaging $500M/year during the first 10 years following start-up, scheduled for 2015. Comment! [Commodities]
Friday, May 24, 9:57 AM Dow Chemical (DOW -0.3%) announces plans to deploy part of its recent payment from Kuwait's chemicals company to reduce up to $2B in debt in 2013. Dow says its current and planned actions should deliver more than $100M in annual interest expense savings, and are expected to bring its net debt to total capital ratio to well below 40%. Comment! [Commodities]
Tuesday, May 21, 5:40 AM Goldman Sachs lifts its forecasts for the S&P 500 (SPY), as David Kostin and company now say they expect the index to gain 5% by year-end to 1,750, 9% to 1,900 in 2014, and 10% to 2,100 in 2015. The rationale: expectations of above-trend real GDP growth beginning next year (Mr. Evans' "escape velocity" ?) coupled with P/E multiple expansion to 16x. Furthermore, dividends should rise ~30% over the next two years, bolstering the firm's claim that dividend-paying equities (DVY) are one of the only places U.S. investors can look to for income-generation. Some of GS's dividend picks, as listed on MarketWatch: Mattel (MAT), Ford (F), Philip Morris (PM), Walgreen (WAG), Chevron (CVX), U.S. Bancorp (USB), GE, Western Union (WU), Dow Chemical (DOW), and AT&T (T). 11 Comments
Friday, May 17, 4:33 PM Dow Chemical (DOW) issued a somewhat surprising statement after the approval of the Freeport liquefied natural gas export project, saying it "provides the greater clarity and certainty that businesses need to make investment decisions... Dow will adopt a wait and see approach regarding further approvals." Dow has argued against unfettered exports, saying they could lead to price spikes that could harm the economy. 2 Comments [Energy]
Thursday, May 16, 8:06 AM Dow Chemical (DOW) says it will appeal an order by a federal judge to pay $1.2B in a price-fixing case involving urethane chemical prices. In February, a jury rendered a $400M verdict against Dow; yesterday, the judge denied Dow's request to overturn the decision, and damages were tripled under U.S. antitrust law. Shares -0.3% premarket. 1 Comment [Commodities]
Friday, May 10, 1:12 PM The USDA will conduct environmental assessments of new corn, soybean and cotton seeds genetically engineered to withstand herbicides, further delaying the possible launch of products from Monsanto (MON) and Dow Chemical (DOW). DOW had hoped to sell 2,4-D-tolerant corn to farmers for the 2013 growing season, as well as 2,4-D-tolerant soybeans; MON has developed dicamba-tolerant soybeans and cotton. 1 Comment [Commodities, Consumer]
Thursday, May 9, 11:02 AM Dow Chemical Company (DOW) declares $0.32/share quarterly dividend, in line with previous. Forward yield 3.68%. For shareholders of record June 28. Payable July 30. Ex-div date June 26. (PR) Comment! [Dividends]
Tuesday, May 7, 10:10 AM Dow Chemical (DOW +1.2%) says it received $2.2B in damages from Kuwait's state-run chemicals company, a year after an international arbitrator told Petrochemical Industries Co. to pay up for cancelling the $17.4B "K-Dow" plastics joint venture in 2008. The payment will allow Dow to accelerate plans to pay down debt and remunerate shareholders, CEO Andrew Liveris says. 1 Comment [Commodities]
Monday, May 6, 5:00 AM President Obama has signaled his support for increasing the U.S.'s exports of natural gas, saying that the country will probably be a net seller of LNG by 2020. The Department of Energy is assessing applications for 20 projects to export gas to nations with which the U.S. doesn't have a free trade agreement. Companies that could benefit include Dominion Resources (D), Cheniere Energy (LNG), Oiltanking Partners (OILT), Williams Cos. (WMB), Boardwalk Pipeline Partners (BWP) and Sempra Energy (SRE). Dow Chemical (DOW) and Alcoa (AA) are among those to oppose increased LNG exports, as it could raise their costs. 8 Comments [Energy, Top Stories]
Thursday, April 25, 3:59 PM Dow Chemical (DOW +5.3%) has turned the corner, Goldman's Robert Koort says, viewing Q1 results as "very solid considering the lackluster macroeconomic backdrop... the outperformance without macro help supports our thesis that company self-help (cracker restart, restructuring benefits, etc.) is underappreciated and will drive outperformance of consensus estimates." 1 Comment [Commodities, On the Move]
Thursday, April 25, 8:39 AM More on Dow Chemicals' (DOW) Q1 results: Sales fell 2% overall, mainly due to a 13% decline in sales in Feedstocks and Energy. Sales in Agriculture Science jumped 14%, the highest growth among its segments. Overall gross margin widened to 18.6% from 16.5% as input costs dropped 4.7%. Says it continues to review its portfolio to identify other divestitures or strategic actions. Shares +3% premarket. Comment! [Commodities, Earnings, On the Move]
Thursday, April 25, 7:03 AM Dow Chemical (DOW): Q1 EPS of $0.69 beats by $0.07. Revenue of $14.4B (-2% Y/Y) misses by $0.48B. (PR) Comment! [Earnings, Breaking News]
Thursday, April 25, 12:05 AM Notable earnings before Thursday’s open: ABC, AIXG, ALK, ALXN, AME, ASPS, AVT, AZN, BC, BG, BIIB, BLL, BMS, BMY, BSX, BWA, CAB, CAM, CCE, CELG, CFX, CL, CMS, CNX, COP, CRR, CSH, D, DAN, DLX, DNKN, DO, DOW, DST, EQT, ESI, ETR, FAF, GPK, GTI, GTLS, HERO, HOG, HP, HSY, IDCC, IMAX, JBLU, KKR, KMT, LEA, LINE, LKQ, LLL, LUV, LVLT, MDP, MJN, MMM, MO, NBL, NLSN, NMM, NYT, O, ODFL, ORI, OXY, PCS, PDS, PH, PHM, POT, PRLB, PTEN, PVR, RCL, RDWR, RRD, RS, RTN, RYN, SCG, SIAL, SUI, SWK, SWY, TASR, TSRA, TWC, UAL, UPS, UTHR, WBC, XOM, YNDX, ZMH Comment! [Earnings]
Wednesday, April 24, 5:30 PM Notable earnings before Thursday’s open: ABC, AIXG, ALK, ALXN, AME, ASPS, AVT, AZN, BC, BG, BIIB, BLL, BMS, BMY, BSX, BWA, CAB, CAM, CCE, CELG, CFX, CL, CMS, CNX, COP, CRR, CSH, D, DAN, DLX, DNKN, DO, DOW, DST, EQT, ESI, ETR, FAF, GPK, GTI, GTLS, HERO, HOG, HP, HSY, IDCC, IMAX, JBLU, KKR, KMT, LEA, LINE, LKQ, LLL, LUV, LVLT, MDP, MJN, MMM, MO, NBL, NLSN, NMM, NYT, O, ODFL, ORI, OXY, PCS, PDS, PH, PHM, POT, PRLB, PTEN, PVR, RCL, RDWR, RRD, RS, RTN, RYN, SCG, SIAL, SUI, SWK, SWY, TASR, TSRA, TWC, UAL, UPS, UTHR, WBC, XOM, YNDX, ZMH Comment! [Earnings]
Thursday, April 11, 9:18 AM Monsanto (MON) and Dow Chemical (DOW) reach new cross-licensing agreements for creation of the next generation of advanced weed and insect control technology in corn. MON will license DOW's new Enlist Weed Control System herbicide-tolerant trait for use in field corn, and Dow will license MON's new corn rootworm technology. Financial terms are not disclosed. 2 Comments [Commodities, Consumer]
Thursday, March 28, 3:45 PM While North American specialty chemicals producers should continue to benefit from cost advantage and volume growth, they are unlikely to get help from global price gains in coming years, Credit Suisse says. The firm still sees a positive outlook for U.S. olefin and polyolefin producers such as DOW, LYB and {{WLK]], and chlor-alkali/vinyls producers such as OXY, OLN and AXLL. Comment! [Commodities, Quick Ideas]

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