The Midland, Michigan-based The Dow Chemical Company (NYSE:DOW) announced better-than-forecasted Q3 earnings as volumes moved up and plastics production benefited from low-cost natural gas.
Dow Chemical, the chemical producer lowering 2,400 jobs to cope with a slowing economy, reported in a statement on Thursday that net income plunged 35% to $582 million or 42 cents per share, from $900 million or 69 cents per share in previous year. That surpasses the 37-cent medina of 16 analysts’ forecasts gathered by Bloomberg.
The company reported that revenue plunged 9.7% to $13.6 billion.
Chairman and CEO of Dow Chemical Andrew Liveris reported on Wednesday that he is lowering jobs and shutting facilities at the major United States chemical maker as global economic growth is slowing.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Westlake Chemical Corporation (NYSE:WLK) fell -0.62% to settle at $75.57, PolyOne Corporation (NYSE:POL) moved down -0.82% to end at $18.21 while E I Du Pont De Nemours And Co (NYSE:DD) jumped +0.58% to finish at $45.17 on Wednesday.
The Dow Chemical Company (NYSE:DOW) on Oct 25, 2012 decreased -0.74% to the closing price of $29.66. The overall volume in the last trading session was 7.53 million shares. Its fifty two weeks range was $24.42 – $36.08. The total market capitalization remained at $35.54 billion.
DOW is ahead of its 52-week low with 26.02% and lagging behind from its 52-week high price with -16.05%. DOW’s last month’s stock price volatility remained 2.14%. In its share capital DOW has 1.20 million outstanding shares, among them 1.20 million shares have been floated in market exchange. DOW’s stock’s institutional ownership remained 71.07% while insider ownership included 0.08%.
The stock price of DOW is moving forward from its 20 days moving average with 1.89% and remote positively from 50 days moving average with 0.58%. DOW’s current year’s earnings per share experienced an addition with 18.91% while its current quarter performance remained at 3.09%. Company’s beta coefficient included 2.33. Beta factors measure the amount of market risk associated with market trade.
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