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Sunday, January 8, 2012
Dow Jones History – 1902 – 1941
Dow Jones History 1902-1941 is acquired by the leading financial journalist of the day, Clarence Barron. Over the next 30 years, Barron recruits and develops a generation of journalists who promote Dow Jones’s reputation for excellence. Those journalists would take the company successfully through the Great Depression and into a new era of prosperity and progress.
1921
Barron’s, America’s premier financial weekly, is founded; its first editor is Clarence Barron.
1926
A motor-driven version of the “Ticker” – a key invention in the delivery of real-time news – was developed by the Dow Jones engineering department.
1929
The first issue of the Pacific Coast Edition of the Journal rolls off the presses on Oct. 21, eight days before the great stock-market crash.
1930
Dow Jones is incorporated in New York. It is now known as Dow Jones & Company after the comma is spent from the former Dow, Jones & Company.
1934
Afternoon edition of the Journal ceases.
Chief Executive Officer Casey Hogate begins a series of changes during the next decade that finally result in the metamorphosis of the Journal into a new kind of everyday newspaper. One of these changes is coming of the “What’s News” column. Created by Bernard “Barney” Kilgore, that column was the first major informal of the news, a precursor to omnipresent summaries and digests on the Internet today.
1921
Barron’s, America’s premier financial weekly, is founded; its first editor is Clarence Barron.
1926
A motor-driven version of the “Ticker” – a key invention in the delivery of real-time news – was developed by the Dow Jones engineering department.
1929
The first issue of the Pacific Coast Edition of the Journal rolls off the presses on Oct. 21, eight days before the great stock-market crash.
1930
Dow Jones is incorporated in New York. It is now known as Dow Jones & Company after the comma is spent from the former Dow, Jones & Company.
1934
Afternoon edition of the Journal ceases.
Chief Executive Officer Casey Hogate begins a series of changes during the next decade that finally result in the metamorphosis of the Journal into a new kind of everyday newspaper. One of these changes is coming of the “What’s News” column. Created by Bernard “Barney” Kilgore, that column was the first major informal of the news, a precursor to omnipresent summaries and digests on the Internet today.
Dow Jones – 2007 and beyond
News Corp. acquires Dow Jones in December 2007, and the horizons expand again. Now part of a global media company which takes Fox, SKY, HarperCollins and newspapers from London to Sydney, Dow Jones reinvents the Journal for a early era of news. Now the Journal covers more political and general news along with its leading business coverage. Fresh investment delivers new game-changing business intelligence tools as well as new markets in Europe and Asia. At a time when other media companies are retrenching, Dow Jones is moving sharply to build on the success of the past and to capture the opportunity of the future.
2008
The Journal is reconceived as a more full source of news with expanded coverage of national and international events as well as more opinion, culture and sports.
Audiences expand. In addition to growth in paid circulation at the Journal, there are new local language products from Newswires in Spanish, Dutch and Arabic. Newswires also expands significantly in India.
Dow Jones Indexes launches the Global Dow, a global version of the Dow Jones Industrial Average aggregating 150 blue-chip stocks from around the world.
WSJ., the Journal’s glossy lifestyle magazine debuts world-wide.
2009
Ottaway Newspapers Inc. is renamed the Dow Jones Local Media Group.
The company proceeds its headquarters to midtown Manhattan where at 1211 Avenue of the Americas it joins its sister companies at News Corp. under one roof.
2008
The Journal is reconceived as a more full source of news with expanded coverage of national and international events as well as more opinion, culture and sports.
Audiences expand. In addition to growth in paid circulation at the Journal, there are new local language products from Newswires in Spanish, Dutch and Arabic. Newswires also expands significantly in India.
Dow Jones Indexes launches the Global Dow, a global version of the Dow Jones Industrial Average aggregating 150 blue-chip stocks from around the world.
WSJ., the Journal’s glossy lifestyle magazine debuts world-wide.
2009
Ottaway Newspapers Inc. is renamed the Dow Jones Local Media Group.
The company proceeds its headquarters to midtown Manhattan where at 1211 Avenue of the Americas it joins its sister companies at News Corp. under one roof.
Dow Corning and Hemlock Semiconductor Group: Striking Balance – How the Solar Industry Benefits From the U.S. & China
MIDLAND, Mich.–(BUSINESSWIRE)– The following is an opinion editorial provided by Robert D. Hansen, president and CEO, Dow Corning Corporation & Stephanie A. Burns, chairman, Dow Corning Corporation:
The trade case brought against Chinese solar manufacturers by U.S. solar-panel producer SolarWorld and six other domestic equipment makers could undermine the solar industry’s significant progress at the very moment it is poised for success.
With a largely jobless recovery here at home and a Chinese economy that is “cooling down,” a trade war over solar module product threatens both nations’ economies and the global viability of the solar industry overall.
Currently, the U.S. Department of Commerce is investigating whether or not it should enforce preliminary tariffs in the case – this is happening against the backdrop of a growing chorus of political rhetoric. Meanwhile, China’s Commerce Ministry is not standing idle—they are gearing up for action. It appears they are serious about initiating their own measures in anticipation of the U.S. advocating for trade remedies to be put in place.
At a time of economic dislocation and dissatisfied, it is tempting to politicize trade disputes. But no nation or industry “wins” when these disputes escalate—and the unintended consequences of such an escalation will most likely outweigh the larger, negative impact on this great relationship with our largest trading partner.
The undone case raises concerns, but resolving this issue through an adversarial confrontation will impede both countries’ abilities to profit from a growing solar market both in the U.S. and abroad. Such benefits are only possible through lower prices catalyzed by healthy contest between global manufacturers. Countries around the world realize the economic contributions the solar industry can provide, and are supporting new technologies and markets. This is not news. But to be clear: Competition and incentives need to be fair for all industry players.
Our companies, Dow Corning and Hemlock Semiconductor Group are among the world’s leading suppliers of polysilicon and other key solar materials that power solar design. Together, our common goal is to contribute to and support a thriving solar industry. Our recent U.S. investments of more than $5 billion back up that statement. We are expanding research, development and manufacturing capacity for materials such as polysilicon to help meet growing global demand. Our investments have made positive contributions toward getting the economy back on track – creating thousands of high paying jobs in economically hard-hit states like Michigan and Tennessee.
Further, our business analyses indicate that now is the time for America’s solar industry to take off. The amount of new solar wattage installed in the U.S. has been growing more than 70 percent per year since 2008. Last year alone, the solar industry created approximately 100,000 jobs, an increase of nearly 7 percent.
As the solar industry continues to mature, the steep decline in solar panel prices have made solar energy affordable, delivering important benefits for consumers while encouraging the development of large-scale photovoltaic projects. These installations, from residential rooftops to utility-scale solar farms are helping the economy and the environment.
Continued investing given by domestic and foreign solar companies will leave solar to play an increasingly pivotal role in our country’s energy mix. And, as the solar industry continues to grow and reach economies of scale, it will further drive job creation in communities around the country, up and down the value chain from manufacturing to installation.
The world wants and needs growing, sustainable and environmentally positive sources of energy. To that end, a growing U.S. solar market is good business for everyone – for our companies and dozens of other domestic manufacturers; for distributors, developers, and installers; and for households, small businesses and other enterprises.
In a down economy, the numbers help tell the tale: A recent Forbes story notes that the U.S. was a $5.6 billion gross exporter in solar-related products in 2010 – exporting $1.9 billion more than it imported – taking net exports of approximately $400 million to China.
The solar industry is ready for its moment in the sun: Here at home, we hope fairness prevails so that the investigatory process moves without acrimony, political overzealousness or protectionism; at stake are U.S. jobs, U.S. exports, and U.S. consumer profits for a strategically important U.S industry.
The trade case brought against Chinese solar manufacturers by U.S. solar-panel producer SolarWorld and six other domestic equipment makers could undermine the solar industry’s significant progress at the very moment it is poised for success.
With a largely jobless recovery here at home and a Chinese economy that is “cooling down,” a trade war over solar module product threatens both nations’ economies and the global viability of the solar industry overall.
Currently, the U.S. Department of Commerce is investigating whether or not it should enforce preliminary tariffs in the case – this is happening against the backdrop of a growing chorus of political rhetoric. Meanwhile, China’s Commerce Ministry is not standing idle—they are gearing up for action. It appears they are serious about initiating their own measures in anticipation of the U.S. advocating for trade remedies to be put in place.
At a time of economic dislocation and dissatisfied, it is tempting to politicize trade disputes. But no nation or industry “wins” when these disputes escalate—and the unintended consequences of such an escalation will most likely outweigh the larger, negative impact on this great relationship with our largest trading partner.
The undone case raises concerns, but resolving this issue through an adversarial confrontation will impede both countries’ abilities to profit from a growing solar market both in the U.S. and abroad. Such benefits are only possible through lower prices catalyzed by healthy contest between global manufacturers. Countries around the world realize the economic contributions the solar industry can provide, and are supporting new technologies and markets. This is not news. But to be clear: Competition and incentives need to be fair for all industry players.
Our companies, Dow Corning and Hemlock Semiconductor Group are among the world’s leading suppliers of polysilicon and other key solar materials that power solar design. Together, our common goal is to contribute to and support a thriving solar industry. Our recent U.S. investments of more than $5 billion back up that statement. We are expanding research, development and manufacturing capacity for materials such as polysilicon to help meet growing global demand. Our investments have made positive contributions toward getting the economy back on track – creating thousands of high paying jobs in economically hard-hit states like Michigan and Tennessee.
Further, our business analyses indicate that now is the time for America’s solar industry to take off. The amount of new solar wattage installed in the U.S. has been growing more than 70 percent per year since 2008. Last year alone, the solar industry created approximately 100,000 jobs, an increase of nearly 7 percent.
As the solar industry continues to mature, the steep decline in solar panel prices have made solar energy affordable, delivering important benefits for consumers while encouraging the development of large-scale photovoltaic projects. These installations, from residential rooftops to utility-scale solar farms are helping the economy and the environment.
Continued investing given by domestic and foreign solar companies will leave solar to play an increasingly pivotal role in our country’s energy mix. And, as the solar industry continues to grow and reach economies of scale, it will further drive job creation in communities around the country, up and down the value chain from manufacturing to installation.
The world wants and needs growing, sustainable and environmentally positive sources of energy. To that end, a growing U.S. solar market is good business for everyone – for our companies and dozens of other domestic manufacturers; for distributors, developers, and installers; and for households, small businesses and other enterprises.
In a down economy, the numbers help tell the tale: A recent Forbes story notes that the U.S. was a $5.6 billion gross exporter in solar-related products in 2010 – exporting $1.9 billion more than it imported – taking net exports of approximately $400 million to China.
The solar industry is ready for its moment in the sun: Here at home, we hope fairness prevails so that the investigatory process moves without acrimony, political overzealousness or protectionism; at stake are U.S. jobs, U.S. exports, and U.S. consumer profits for a strategically important U.S industry.
One Reason International Flavors & Fragrances May Be Headed for a Slowdown
Here at The Motley Fool, I’ve long cautioned investors to observe a close eye on inventory levels. It’s a part of my regular diligence when searching for the market’s best Stocks. I think a quarterly checkup can help you spot possible problems. For man
y companies, products that sit on the shelves too long can turn big trouble. Stale inventory can be sold for lower prices, hurting profitability. In extreme cases, it may be written off completely and sent to the shredder.
In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to some parallel revenue increases. If inventory bloats more speedily than sales grow, this might be a sign that expected sales haven’t materialized.
How is International Flavors & Fragrances doing by this quick checkup? At first glance, OK, it seems. Trailing-12-month receipts increased 7.6%, and inventory increased 6.1%. Over the sequential quarterly period, the trend looks healthy. Revenue dropped 0.3%, and inventory spent 5.9%.
Advanced inventory
I don’t stop my checkup there, because the type of inventory can matter even more than the overall amount. There’s even one type of inventory bulge we sometimes like to see. You can check for it by examining the quarterly filings to evaluate the another kinds of inventory: raw materials, work-in-progress inventory, and finished goods. (Some companies report the first two types as a single category.)
A company ramping up for increased demand may increase raw materials and work-in-progress inventory at a faster rate when it expects robust future growth. As such, we might consider oversized growth in those categories to offer a clue to a brighter future, and a clue that most other investors will miss. We call it “positive inventory difference.”
On the other hand, if we see a big increase in finished goods, that often means product isn’t moving as well as expected, and it’s time to hunker down with the filings and conference calls to find out why.
Let’s dig into the inventory specifics. On a trailing-12-month basis, complete goods inventory was the fastest-growing section, up 21.2%. That can be a warning sign, so investors should check in with International Flavors & Fragrances’s filings to make sure there’s a good reason for packing the storeroom for this period. On a sequential-quarter basis, work-in-progress inventory was the fastest-growing segment, up 0.5%. International Flavors & Fragrances seems to be handling inventory well enough, but the individual segments don’t allow a clear signal.
Foolish bottom line
When you’re doing your research, remember that multiple numbers such as inventory balances often mask situations that are more complex than they appear. Even the detailed numbers don’t give us the final word. When in doubt, listen to the conference call, or contact investor relations. What at first looks like a problem may actually signal a stock that will allow the market’s best returns. And what might look hunky-dory at first glance could actually be warning you to cut your losses before the rest of the Street wises up.
I run these quick inventory checks every quarter. To stay on top of the inventory story at your favorite companies, just use the following handy links to add companies to your free watchlist, and we’ll deliver our latest coverage right to your inbox.
y companies, products that sit on the shelves too long can turn big trouble. Stale inventory can be sold for lower prices, hurting profitability. In extreme cases, it may be written off completely and sent to the shredder.In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to some parallel revenue increases. If inventory bloats more speedily than sales grow, this might be a sign that expected sales haven’t materialized.
How is International Flavors & Fragrances doing by this quick checkup? At first glance, OK, it seems. Trailing-12-month receipts increased 7.6%, and inventory increased 6.1%. Over the sequential quarterly period, the trend looks healthy. Revenue dropped 0.3%, and inventory spent 5.9%.
Advanced inventory
I don’t stop my checkup there, because the type of inventory can matter even more than the overall amount. There’s even one type of inventory bulge we sometimes like to see. You can check for it by examining the quarterly filings to evaluate the another kinds of inventory: raw materials, work-in-progress inventory, and finished goods. (Some companies report the first two types as a single category.)
A company ramping up for increased demand may increase raw materials and work-in-progress inventory at a faster rate when it expects robust future growth. As such, we might consider oversized growth in those categories to offer a clue to a brighter future, and a clue that most other investors will miss. We call it “positive inventory difference.”
On the other hand, if we see a big increase in finished goods, that often means product isn’t moving as well as expected, and it’s time to hunker down with the filings and conference calls to find out why.
Let’s dig into the inventory specifics. On a trailing-12-month basis, complete goods inventory was the fastest-growing section, up 21.2%. That can be a warning sign, so investors should check in with International Flavors & Fragrances’s filings to make sure there’s a good reason for packing the storeroom for this period. On a sequential-quarter basis, work-in-progress inventory was the fastest-growing segment, up 0.5%. International Flavors & Fragrances seems to be handling inventory well enough, but the individual segments don’t allow a clear signal.
Foolish bottom line
When you’re doing your research, remember that multiple numbers such as inventory balances often mask situations that are more complex than they appear. Even the detailed numbers don’t give us the final word. When in doubt, listen to the conference call, or contact investor relations. What at first looks like a problem may actually signal a stock that will allow the market’s best returns. And what might look hunky-dory at first glance could actually be warning you to cut your losses before the rest of the Street wises up.
I run these quick inventory checks every quarter. To stay on top of the inventory story at your favorite companies, just use the following handy links to add companies to your free watchlist, and we’ll deliver our latest coverage right to your inbox.
Saturday, January 7, 2012
Globe Specialty Metals Continues To Shine
It took guts to float a early issue just as the offering window given after being shut tight during the recession.
But executives at silicon metal and silicon-based alloy producer Globe Specialty Metals (GSM) knew the timing was right when they took the company public on July 30, 2009.
“We believed we had the characteristics to be able to finished an IPO successfully, even though the market was just reopening for new offerings,” said Chief Financial Officer Malcolm Appelbaum. “We had very secure fundamentals. We made money throughout the recession other than a noncash impairment charge, and we had a very strong balance sheet.”
Keeping that in mind, Globe became the first domestic industrial company to go common since the market closed down during the recession, Appelbaum says.
Globe’s business has been thriving amid strong require, particularly for its main product, silicon metal. It’s an essential raw material in making silicone compounds, aluminum and polysilicon used in solar cells.
In fiscal Q3, profit surged 675% to 31 cents a share. Sales climbed 54% to $172.8 million.
“The silicon metal market is producing, and our capacity is running at full utilization as are the rest of the producers in the Western world,” said Appelbaum.
Demand has been strong in all of Globe’s key end markets.
Silicone Applications
Globe sells silicon metal to chemical firms such as Dow Chemical (DOW), which use the material to make silicone compounds. Silicone is used in a broad range of applications, including personal care items like shampoo and industrial products like caulking for insulation.
The demand for silicone chemicals has been growing for many years as new applications have been produced, particularly in emerging markets, says B. Riley & Co. analyst Ian Corydon.
People in developing nations are buying more consumer products, which have silicone as an ingredient such as shampoo and lipstick, adds Appelbaum.
Globe also markets to aluminum producers, which use silicon metal mainly to make auto components, which have a high content of the material.
The aluminum market has been quite strong, says Corydon. He sites a report by aluminum great Alcoa (AA) that estimates primary globally aluminum demand will grow 12% in 2011 on top of a 13% gain in 2010.
A key driver of demand is the fact that the aluminum content of cars keep going up because cars are goes made lighter to meet fuel efficiency requirements, Corydon says.
A third end market, polysilicon producers, use silicon metal to make solar cells.
But executives at silicon metal and silicon-based alloy producer Globe Specialty Metals (GSM) knew the timing was right when they took the company public on July 30, 2009.
“We believed we had the characteristics to be able to finished an IPO successfully, even though the market was just reopening for new offerings,” said Chief Financial Officer Malcolm Appelbaum. “We had very secure fundamentals. We made money throughout the recession other than a noncash impairment charge, and we had a very strong balance sheet.”
Keeping that in mind, Globe became the first domestic industrial company to go common since the market closed down during the recession, Appelbaum says.
Globe’s business has been thriving amid strong require, particularly for its main product, silicon metal. It’s an essential raw material in making silicone compounds, aluminum and polysilicon used in solar cells.
In fiscal Q3, profit surged 675% to 31 cents a share. Sales climbed 54% to $172.8 million.
“The silicon metal market is producing, and our capacity is running at full utilization as are the rest of the producers in the Western world,” said Appelbaum.
Demand has been strong in all of Globe’s key end markets.
Silicone Applications
Globe sells silicon metal to chemical firms such as Dow Chemical (DOW), which use the material to make silicone compounds. Silicone is used in a broad range of applications, including personal care items like shampoo and industrial products like caulking for insulation.
The demand for silicone chemicals has been growing for many years as new applications have been produced, particularly in emerging markets, says B. Riley & Co. analyst Ian Corydon.
People in developing nations are buying more consumer products, which have silicone as an ingredient such as shampoo and lipstick, adds Appelbaum.
Globe also markets to aluminum producers, which use silicon metal mainly to make auto components, which have a high content of the material.
The aluminum market has been quite strong, says Corydon. He sites a report by aluminum great Alcoa (AA) that estimates primary globally aluminum demand will grow 12% in 2011 on top of a 13% gain in 2010.
A key driver of demand is the fact that the aluminum content of cars keep going up because cars are goes made lighter to meet fuel efficiency requirements, Corydon says.
A third end market, polysilicon producers, use silicon metal to make solar cells.
Eastman Chemical on Expansion Spree
Eastman Chemical Company (NYSE: EMN – News) expanded its Benzoflex plasticizer product stock at the Estonia location for the second time. The move will boost the Benzoflex product capacity by 11,000 metric tons and is expected to be completed by the end of second-quarter 2012.
Eastman also plans to expand its Admex polymeric plasticizers and Benzoflex plasticiser lines located at Kingsport, Tennessee and Chestertown, Maryland. The expansions will increase the overall production capacity in North America by about 9,000 metric tons and is also expected to be completed by the end of second-quarter 2012.
Benzoflex is a benzoic acid derived that is used in caulks, sealants, adhesives and coatings. The material is also used to offer flexibility to PVC in various applications such as vinyl flooring.
Admex plasticizers support flexible vinyl combines in different applications, including hoses, gaskets, conveyor belts and PVC-based adhesive tapes. Admex and Benzoflex are non-phthalate plasticizers that are ideal for manufacturers, who look for sustainable substitutes to traditional phthalate plasticizers.
The expansion initiatives represent the growing demand for alternative solutions to traditional phthalate products. The establishment of the additional capacity will support Eastman Chemical’s Performance Chemicals and Intermediates division to meet the rising demand for non-phthalate plasticizers from customers.
Recently, the company declared its results for the 2nd quarter of 2011. The company reported second-quarter earnings of $2.76 per share compared with $1.95 per share a year earlier, beating the Zacks Consensus Estimate of $2.60 per share.
Sales improved across all product stocks and receipts climbed 26% year over year to $1.9 billion, driven by higher sales volume and increased selling prices, outpacing the Zacks Consensus Estimate of $1.8 billion.
The higher sales volume was primarily attributed to growth in plasticizer product lines, increased demand for acetyl chemicals, the fourth quarter 2010 restart of a previously idled olefins cracking unit at the Texas facility, and stronger end-market demand, especially in the packaging, transportation, and durable goods markets. The increase in selling prices resulted from higher raw material and energy costs.
Based on the strong first half 2011 results, the company expects to keep to deliver earnings growth in the second half of 2011.
The results for the second quarter were driven by strong sales volumes and higher prices and Eastman expects the trend to remain into the third quarter as well. It expects to incur costs related to planned and unplanned shutdowns that are expected to be approximately $25 million higher in the second half of 2011 compared with the first half.
Even with these higher costs, Eastman anticipates third-quarter 2011 earnings per portion to be slightly higher than third-quarter 2010 earnings per share of $2.22 and expects full-year 2011 earnings per deal to be slightly higher than $9.25.
Eastman Chemical’s diversified chemical portfolio, along with its integrated and diverse downstream businesses, is driving earnings. Eastman benefits from business restructuring and cost-cutting measures. The company has sold unprofitable units and closed complete poorly performing ones.
The company, however, faces volatility in raw material and energy costs, higher pension expenses and other growth-related costs.
Eastman competes with large multinational companies, such as Celanese Corp. (NYSE: CE – News) and The Dow Chemical Co. (NYSE: DOW – News) and EI DuPont de Nemours & Co. (NYSE: DD – News).
Eastman also plans to expand its Admex polymeric plasticizers and Benzoflex plasticiser lines located at Kingsport, Tennessee and Chestertown, Maryland. The expansions will increase the overall production capacity in North America by about 9,000 metric tons and is also expected to be completed by the end of second-quarter 2012.
Benzoflex is a benzoic acid derived that is used in caulks, sealants, adhesives and coatings. The material is also used to offer flexibility to PVC in various applications such as vinyl flooring.
Admex plasticizers support flexible vinyl combines in different applications, including hoses, gaskets, conveyor belts and PVC-based adhesive tapes. Admex and Benzoflex are non-phthalate plasticizers that are ideal for manufacturers, who look for sustainable substitutes to traditional phthalate plasticizers.
The expansion initiatives represent the growing demand for alternative solutions to traditional phthalate products. The establishment of the additional capacity will support Eastman Chemical’s Performance Chemicals and Intermediates division to meet the rising demand for non-phthalate plasticizers from customers.
Recently, the company declared its results for the 2nd quarter of 2011. The company reported second-quarter earnings of $2.76 per share compared with $1.95 per share a year earlier, beating the Zacks Consensus Estimate of $2.60 per share.
Sales improved across all product stocks and receipts climbed 26% year over year to $1.9 billion, driven by higher sales volume and increased selling prices, outpacing the Zacks Consensus Estimate of $1.8 billion.
The higher sales volume was primarily attributed to growth in plasticizer product lines, increased demand for acetyl chemicals, the fourth quarter 2010 restart of a previously idled olefins cracking unit at the Texas facility, and stronger end-market demand, especially in the packaging, transportation, and durable goods markets. The increase in selling prices resulted from higher raw material and energy costs.
Based on the strong first half 2011 results, the company expects to keep to deliver earnings growth in the second half of 2011.
The results for the second quarter were driven by strong sales volumes and higher prices and Eastman expects the trend to remain into the third quarter as well. It expects to incur costs related to planned and unplanned shutdowns that are expected to be approximately $25 million higher in the second half of 2011 compared with the first half.
Even with these higher costs, Eastman anticipates third-quarter 2011 earnings per portion to be slightly higher than third-quarter 2010 earnings per share of $2.22 and expects full-year 2011 earnings per deal to be slightly higher than $9.25.
Eastman Chemical’s diversified chemical portfolio, along with its integrated and diverse downstream businesses, is driving earnings. Eastman benefits from business restructuring and cost-cutting measures. The company has sold unprofitable units and closed complete poorly performing ones.
The company, however, faces volatility in raw material and energy costs, higher pension expenses and other growth-related costs.
Eastman competes with large multinational companies, such as Celanese Corp. (NYSE: CE – News) and The Dow Chemical Co. (NYSE: DOW – News) and EI DuPont de Nemours & Co. (NYSE: DD – News).
NEW DuPont Calls at Two-Year High as Traders See Rebound: Options
DuPont Co. options dealers are more cheerful than any time in two years, betting the stock will rebound from a five-month reject as investors favor companies with the highest dividends.
The ratio of outstanding puts to sell versus calls to purchase has dropped to 0.8, the lowest since April 2009. Possession of contracts to buy the shares through Oct. 21 for $44, or 6.8 percent above the stock price, surged almost 27-fold in the past few month, the most among options on Wilmington, Delaware-based DuPont, data compiled by Bloomberg show. The shares have fallen 27 percent to $41.21 since peaking this year on April 29.
Concern policy makers may be working out of tools to keep the global slowdown from worsening has advanced demand for companies with the highest payouts. DuPont shares yield 3.98 percent, fifth-most in the S&P 500 Materials Index. It has a quarterly dividend of 41 cents a share, last increased in the final three months of 2007. Since the market peaked April 29, the S&P 500 Dividend Aristocrats Index has lost 9.7 percent, compared with the S&P 500’s loss of 15 percent including payouts.
“People like large-cap, dividend-paying stocks like DuPont particularly in this environment where there’s a lot of uncertainty,” Jake Dollarhide, who helps manage $70 million including DuPont shares at Longbow Asset Management in Tulsa, Oklahoma, said in a telephone interview yesterday. “The fears about Europe aren’t helping, but short of Greek default I’d look for things to get back to normal in next 2 to 3 months.”
Calls Rise
DuPont had 199,697 outstanding calls and 160,246 puts as of Oct. 4, according to Bloomberg data. The proportion of calls to puts dropped 31 percent since Aug. 19, the biggest slide among all 30 Dow Jones Industrial Average companies. Call open interest on Sept. 15, before options expired last month, was 204,788, the most since August 1999.
Michael Hanretta, a DuPont spokesman, declined to comment.
The VIX, as the Chicago Board Choices Exchange Volatility Index is known, jumped a record 160 percent during the third quarter as refer grew the global economy was slowing and the sovereign debt crisis in Europe was worsening. The volatility guess fell 4.1 percent to 36.27 today. In Europe, the VStoxx Index, which measures the cost of protecting against Euro Stoxx 50 Index losses, dropped 6.5 percent to 42.63.
All 10 DuPont contracts with the biggest increase in ownership in the past two weeks were calls. Open interest for October $44 calls rose to 9,303 contracts from 487 contracts, the largest gain. January $50 calls had the greatest open interest among all DuPont options.
‘Stands Out’
“It stands out as an area of interest for traders,” Henry Schwartz, president of Trade Alert LLC, a New York-based supplier of options-market data and analytics, said in a telephone interview yesterday. “Traders appear to consider ownership of these upside calls to be a good risk/reward.”
DuPont has purchased four companies in the past year, Bloomberg data show, including Copenhagen-based Danisco A/S, the biggest producer of food additives. It’s expanding by opening new facilities and adding jobs. Ellen Kullman, the chief executive officer, said in an Oct. 4 interview with Carol Massar on Bloomberg Television’s “Street Smart” that “agriculture around the world is still doing really well,” and “automotive is growing.”
DuPont, the world’s biggest maker of titanium dioxide, is investing in agriculture, electronics and safety and security units to boost per-share pay about 12 percent a year through 2015. The company paid 41 billion kroner ($7.3 billion) in June for Danisco. This year, DuPont is opening at least two plants in the U.S., Kullman said in the interview.
Cars, Food Prices
Industrywide light-vehicle sales ran at a seasonally adjusted annual rate of 13.1 million in September, the highest since April, according to Autodata Corp. Global food prices will likely stay at high levels this year because of a lack of stockpiles, the United Nations said last month.
DuPont could extend declines if the global economy continues to deteriorate. The International Monetary Fund cut its forecast for worldwide growth next year to 4 percent from 4.5 percent on Sept. 20, predicting “severe” repercussions if Europe fails to contain its debt crisis or U.S. policy makers deadlock over a financial plan.
The company raised its full-year earnings estimated to between $3.90 and $4.05 a share on July 28, up from $3.65 to $3.85, excluding its acquisition of Danisco. That compared with the average analyst estimate of $3.98. DuPont has exceeded estimates in each of the 10 quarters since Kullman became CEO.
Contrasts With Rivals
Greater bullishness about DuPont contrasts with the company’s rivals. The put-to-call proportion for St. Louis-based Monsanto Co. (MON), the world’s largest seed company, rose 22 percent to 0.79 between Aug. 19 and Oct. 4, Bloomberg information show. The ratio for Midland, Michigan-based Dow Chemical Co. (DOW), the largest U.S. chemical maker, gained 25 percent since Sept. 15 to 1.04.
More information about Dow can be found at NEW DuPont Calls at Two-Year High as Traders See Rebound: Options
The ratio of outstanding puts to sell versus calls to purchase has dropped to 0.8, the lowest since April 2009. Possession of contracts to buy the shares through Oct. 21 for $44, or 6.8 percent above the stock price, surged almost 27-fold in the past few month, the most among options on Wilmington, Delaware-based DuPont, data compiled by Bloomberg show. The shares have fallen 27 percent to $41.21 since peaking this year on April 29.
Concern policy makers may be working out of tools to keep the global slowdown from worsening has advanced demand for companies with the highest payouts. DuPont shares yield 3.98 percent, fifth-most in the S&P 500 Materials Index. It has a quarterly dividend of 41 cents a share, last increased in the final three months of 2007. Since the market peaked April 29, the S&P 500 Dividend Aristocrats Index has lost 9.7 percent, compared with the S&P 500’s loss of 15 percent including payouts.
“People like large-cap, dividend-paying stocks like DuPont particularly in this environment where there’s a lot of uncertainty,” Jake Dollarhide, who helps manage $70 million including DuPont shares at Longbow Asset Management in Tulsa, Oklahoma, said in a telephone interview yesterday. “The fears about Europe aren’t helping, but short of Greek default I’d look for things to get back to normal in next 2 to 3 months.”
Calls Rise
DuPont had 199,697 outstanding calls and 160,246 puts as of Oct. 4, according to Bloomberg data. The proportion of calls to puts dropped 31 percent since Aug. 19, the biggest slide among all 30 Dow Jones Industrial Average companies. Call open interest on Sept. 15, before options expired last month, was 204,788, the most since August 1999.
Michael Hanretta, a DuPont spokesman, declined to comment.
The VIX, as the Chicago Board Choices Exchange Volatility Index is known, jumped a record 160 percent during the third quarter as refer grew the global economy was slowing and the sovereign debt crisis in Europe was worsening. The volatility guess fell 4.1 percent to 36.27 today. In Europe, the VStoxx Index, which measures the cost of protecting against Euro Stoxx 50 Index losses, dropped 6.5 percent to 42.63.
All 10 DuPont contracts with the biggest increase in ownership in the past two weeks were calls. Open interest for October $44 calls rose to 9,303 contracts from 487 contracts, the largest gain. January $50 calls had the greatest open interest among all DuPont options.
‘Stands Out’
“It stands out as an area of interest for traders,” Henry Schwartz, president of Trade Alert LLC, a New York-based supplier of options-market data and analytics, said in a telephone interview yesterday. “Traders appear to consider ownership of these upside calls to be a good risk/reward.”
DuPont has purchased four companies in the past year, Bloomberg data show, including Copenhagen-based Danisco A/S, the biggest producer of food additives. It’s expanding by opening new facilities and adding jobs. Ellen Kullman, the chief executive officer, said in an Oct. 4 interview with Carol Massar on Bloomberg Television’s “Street Smart” that “agriculture around the world is still doing really well,” and “automotive is growing.”
DuPont, the world’s biggest maker of titanium dioxide, is investing in agriculture, electronics and safety and security units to boost per-share pay about 12 percent a year through 2015. The company paid 41 billion kroner ($7.3 billion) in June for Danisco. This year, DuPont is opening at least two plants in the U.S., Kullman said in the interview.
Cars, Food Prices
Industrywide light-vehicle sales ran at a seasonally adjusted annual rate of 13.1 million in September, the highest since April, according to Autodata Corp. Global food prices will likely stay at high levels this year because of a lack of stockpiles, the United Nations said last month.
DuPont could extend declines if the global economy continues to deteriorate. The International Monetary Fund cut its forecast for worldwide growth next year to 4 percent from 4.5 percent on Sept. 20, predicting “severe” repercussions if Europe fails to contain its debt crisis or U.S. policy makers deadlock over a financial plan.
The company raised its full-year earnings estimated to between $3.90 and $4.05 a share on July 28, up from $3.65 to $3.85, excluding its acquisition of Danisco. That compared with the average analyst estimate of $3.98. DuPont has exceeded estimates in each of the 10 quarters since Kullman became CEO.
Contrasts With Rivals
Greater bullishness about DuPont contrasts with the company’s rivals. The put-to-call proportion for St. Louis-based Monsanto Co. (MON), the world’s largest seed company, rose 22 percent to 0.79 between Aug. 19 and Oct. 4, Bloomberg information show. The ratio for Midland, Michigan-based Dow Chemical Co. (DOW), the largest U.S. chemical maker, gained 25 percent since Sept. 15 to 1.04.
More information about Dow can be found at NEW DuPont Calls at Two-Year High as Traders See Rebound: Options
Dow Issues Statement on Free Trade Agreement Progress
Dow welcomes the President’s decision to submit the three pending free trade agreements to Congress and acclaims the House Ways and Means Committee for passing the FTAs through mark up today.
“These are critical steps toward revitalizing manufacturing in this country,” stated Andrew Liveris, chairman and CEO of The Dow Chemical Company. “American industry, and the manufacturing sector in proper, needs greater access to the world’s consumers. Free Trade Agreements do this by opening markets overseas for U.S.-made goods.”
“We urge Congress to speedily pass the FTAs. Doing so will help spine job creation at home and U.S. manufacturing competitiveness abroad,” Liveris noted.
Acceptance of the three trade agreements was one of the Fall 2010 recommendations made by the President’s Export Council, of which Liveris is a member and chair of the Council’s subcommittee on Global Competitiveness, as one of the most effective means of increasing the export of U.S.-made goods.
About The Dow Chemical Company
Dow (NYSE:DOW – News) combines the power of science and technology with the “Human Element” to passionately innovate what is important to human progress. The Company connects chemistry and innovation with the rules of sustainability to help many address of the world’s most challenging problems such as the need for clean water, renewable energy generation and preservation, and increasing agricultural productivity. Dow’s diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high increase sectors such as electronics, water, energy, coatings and agriculture. In 2010, Dow had annual sales of $53.7 billion and employed approximately 50,000 people worldwide. The Company’s more than 5,000 products are manufactured at 188 sites in 35 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
More information about Dow can be found at Dow Issues Statement on Free Trade Agreement Progress
“These are critical steps toward revitalizing manufacturing in this country,” stated Andrew Liveris, chairman and CEO of The Dow Chemical Company. “American industry, and the manufacturing sector in proper, needs greater access to the world’s consumers. Free Trade Agreements do this by opening markets overseas for U.S.-made goods.”
“We urge Congress to speedily pass the FTAs. Doing so will help spine job creation at home and U.S. manufacturing competitiveness abroad,” Liveris noted.
Acceptance of the three trade agreements was one of the Fall 2010 recommendations made by the President’s Export Council, of which Liveris is a member and chair of the Council’s subcommittee on Global Competitiveness, as one of the most effective means of increasing the export of U.S.-made goods.
About The Dow Chemical Company
Dow (NYSE:DOW – News) combines the power of science and technology with the “Human Element” to passionately innovate what is important to human progress. The Company connects chemistry and innovation with the rules of sustainability to help many address of the world’s most challenging problems such as the need for clean water, renewable energy generation and preservation, and increasing agricultural productivity. Dow’s diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high increase sectors such as electronics, water, energy, coatings and agriculture. In 2010, Dow had annual sales of $53.7 billion and employed approximately 50,000 people worldwide. The Company’s more than 5,000 products are manufactured at 188 sites in 35 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
More information about Dow can be found at Dow Issues Statement on Free Trade Agreement Progress
WEF Sets Roadmap for 2012
The World Economic Forum’s (“WEF”) releases, each year, an outlook for the upcoming year. Currently, WEF’s “Outlook on the Global Agenda 2012” is evoking condition from policymakers. This outlook is a important set of analyses and policy recommendations meant for those who accept the necessity for change. WEF presented its findings at its Annual Summit held in the United Arab Emirates (“UAE”) in October 2011. The agenda will be discussed at the annual meeting in Davos, Switzerland, in January 2012.
The World Economic Forum is a stand-alone global entity, which seeks to improve conditions by taking all stakeholders in both local and global matters. It believes that a global agenda is needed, for 2012, to take on problems on multiple areas such as regimen changes in the Middle East or the economic crisis in Europe. Moreover fresh models are needed to determine the well-being of a growing population inhabiting the planet.
The schedule largely revolves around issues such as, the political paralysis in Europe and the U.S., the problems in the Euro zone, global power shifts, challenges arising from demographics, scarcity of resources and environment. WEF expects instability, in 2012, on account of factors such as lack of trust in existing institutions and the absence of a solid global financial regulatory system.
Firstly, WEF duly noted that as the current economic crisis plays out in Europe, there is considerable risk of the problems spiraling out of control on account of the global linkages among economies. Unless macro economic problems are quickly sorted out, the global economy can easily slip into a double dip recession.
The WEF makes several suggestions for tackling the crisis, including dealing with the Euro zone problem by addressing the solvency issue of Italy, Greece and others; as well as offering a long-term game plan for institutional reform. The effort to stabilize EU nations needs recapitalization of banks exposed to sovereign debt and ensuring liquidity.
Further, unpredictable flows of hot money flowing from one region to another expose nations to systemic risk. The Chiang Mai Initiative, the Latin American reserve and the European Financial Stability Facility (“EFSF”) are steps taken to determine regional economic stability.
The WEF believes that we are witness to a shift of influence from West to East and North to South. It also asks a transfer of power from super powers to a coalition of nations, based on geography, shared concerns and economics.
The U.S. and Europe will have to battle to get out of their economic morass. However, despite their current economic plight, they will maintain leadership in technology development and the financial services.
Furthermore, the influence of an emerging social media will continue to dominate headlines. Examples include WikiLeaks and the Occupy Wall Street movements, who would wield influence on government attitudes towards big business and institutional hegemony.
In conclusion, WEF expects the chase for natural resources will lead to a shift in power from more powerful to weaker nations, who may be blessed with oil, copper and other resources. Companies domiciled in the BRIC nations and South Africa will increasingly jostle for control of resources. The WEF suggests the establishment of a multi-polar monetary system consisting of traditional global financial institutions, such as the IMF, working in tandem with regional partners to help tackle crises, such as in Europe.
Thirdly, there is an urgent requirement for fresh growth models, which will provide for inclusive growth. Welfare economics, as espoused by Dr. Amartya Sen of Harvard University, seeks to measure economic policies in terms of their impact on the entire community. The European social model describes a commonly held vision for a society that combines economic growth with full employment and social inclusion.
Despite massive unemployment in countries, as varied as Pakistan and Ireland, employers are often unable to fill vacancies due to a skills deficit. Among other suggestions, WEF encourages life-long learning, courses in energetic development and public-private partnerships to generate employment.
Fourthly, while commenting on the environment, the WEF believes that forward-looking institutions must manage sustainable economic growth in light of a shortage of natural resources, particularly water, as well as climate change. It believes that total resource management is imperative, which will take into account factors such as, energy, water, food, demographics and economic growth.
More information about Dow can be found at WEF Sets Roadmap for 2012.
The World Economic Forum is a stand-alone global entity, which seeks to improve conditions by taking all stakeholders in both local and global matters. It believes that a global agenda is needed, for 2012, to take on problems on multiple areas such as regimen changes in the Middle East or the economic crisis in Europe. Moreover fresh models are needed to determine the well-being of a growing population inhabiting the planet.
The schedule largely revolves around issues such as, the political paralysis in Europe and the U.S., the problems in the Euro zone, global power shifts, challenges arising from demographics, scarcity of resources and environment. WEF expects instability, in 2012, on account of factors such as lack of trust in existing institutions and the absence of a solid global financial regulatory system.
Firstly, WEF duly noted that as the current economic crisis plays out in Europe, there is considerable risk of the problems spiraling out of control on account of the global linkages among economies. Unless macro economic problems are quickly sorted out, the global economy can easily slip into a double dip recession.
The WEF makes several suggestions for tackling the crisis, including dealing with the Euro zone problem by addressing the solvency issue of Italy, Greece and others; as well as offering a long-term game plan for institutional reform. The effort to stabilize EU nations needs recapitalization of banks exposed to sovereign debt and ensuring liquidity.
Further, unpredictable flows of hot money flowing from one region to another expose nations to systemic risk. The Chiang Mai Initiative, the Latin American reserve and the European Financial Stability Facility (“EFSF”) are steps taken to determine regional economic stability.
The WEF believes that we are witness to a shift of influence from West to East and North to South. It also asks a transfer of power from super powers to a coalition of nations, based on geography, shared concerns and economics.
The U.S. and Europe will have to battle to get out of their economic morass. However, despite their current economic plight, they will maintain leadership in technology development and the financial services.
Furthermore, the influence of an emerging social media will continue to dominate headlines. Examples include WikiLeaks and the Occupy Wall Street movements, who would wield influence on government attitudes towards big business and institutional hegemony.
In conclusion, WEF expects the chase for natural resources will lead to a shift in power from more powerful to weaker nations, who may be blessed with oil, copper and other resources. Companies domiciled in the BRIC nations and South Africa will increasingly jostle for control of resources. The WEF suggests the establishment of a multi-polar monetary system consisting of traditional global financial institutions, such as the IMF, working in tandem with regional partners to help tackle crises, such as in Europe.
Thirdly, there is an urgent requirement for fresh growth models, which will provide for inclusive growth. Welfare economics, as espoused by Dr. Amartya Sen of Harvard University, seeks to measure economic policies in terms of their impact on the entire community. The European social model describes a commonly held vision for a society that combines economic growth with full employment and social inclusion.
Despite massive unemployment in countries, as varied as Pakistan and Ireland, employers are often unable to fill vacancies due to a skills deficit. Among other suggestions, WEF encourages life-long learning, courses in energetic development and public-private partnerships to generate employment.
Fourthly, while commenting on the environment, the WEF believes that forward-looking institutions must manage sustainable economic growth in light of a shortage of natural resources, particularly water, as well as climate change. It believes that total resource management is imperative, which will take into account factors such as, energy, water, food, demographics and economic growth.
More information about Dow can be found at WEF Sets Roadmap for 2012.
Dow Jones Today
Being the leader firm in its sector for almost two decades, due to high quality and high standard products and services, customer satisfaction and many other factors has always been attracting attention from media and other firms from all around the world.
Being a firm that attracts much attention is very beneficial both for the firm itself and for their customers. Along with the products and services Dow Jones offers, there are many other important ways to work with this company. Any business owner would know the great importance of advertisement.
Advertisement is one of the keys for a business to survive a long time and achieve high sales by promoting their products and services to the customers. There are a few important factors to consider when advertising a product or service. A few of these important points are; a firm should always advertise according to their target group and should always advertise according to their budget. These two factors are very important for any business that advertises a product or service.
Along with many other products and services, Dow Jones Today also offers advertisement options for their customers. Being the leader in their sector, Dow Jones offers many different advertisement options some of which are as follows; The Wall Street Journal (Classroom edition, Radio Network, Digital Network), Smart Money, Local Media Group, Dow Jones Private Markets are only a few examples of the advertising options Dow Jones today offers to their customers. Due to the fact that all these options reach out to enormous portion of the population all these options are very effective. Some options are specific for several businesses and sectors generally finance and economy related sectors. For instance Smart Money offers a different advertising environment for its choosers from finance, automotive, insurance and real estate and many other business areas.
Overall Dow Jones is aware of the importance of advertisement for businesses to survive and for this reason they offer many different advertisement solutions for various businesses. If you decide to advertise through Dow Jones advertisement solutions all you have to do is visit Stock Market Today and find the most suitable advertisement option for your business.
Being a firm that attracts much attention is very beneficial both for the firm itself and for their customers. Along with the products and services Dow Jones offers, there are many other important ways to work with this company. Any business owner would know the great importance of advertisement.
Advertisement is one of the keys for a business to survive a long time and achieve high sales by promoting their products and services to the customers. There are a few important factors to consider when advertising a product or service. A few of these important points are; a firm should always advertise according to their target group and should always advertise according to their budget. These two factors are very important for any business that advertises a product or service.
Along with many other products and services, Dow Jones Today also offers advertisement options for their customers. Being the leader in their sector, Dow Jones offers many different advertisement options some of which are as follows; The Wall Street Journal (Classroom edition, Radio Network, Digital Network), Smart Money, Local Media Group, Dow Jones Private Markets are only a few examples of the advertising options Dow Jones today offers to their customers. Due to the fact that all these options reach out to enormous portion of the population all these options are very effective. Some options are specific for several businesses and sectors generally finance and economy related sectors. For instance Smart Money offers a different advertising environment for its choosers from finance, automotive, insurance and real estate and many other business areas.
Overall Dow Jones is aware of the importance of advertisement for businesses to survive and for this reason they offer many different advertisement solutions for various businesses. If you decide to advertise through Dow Jones advertisement solutions all you have to do is visit Stock Market Today and find the most suitable advertisement option for your business.
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