DOW - Dow Inc.
39.96 +0.14 (0.35%)
After hours: 7:52PM EDT
| Previous Close | 38.79 |
| Open | 39.95 |
| Bid | 39.96 x 800 |
| Ask | 39.84 x 900 |
| Day's Range | 39.03 - 40.67 |
| 52 Week Range | 21.95 - 56.25 |
| Volume | 6,895,175 |
| Avg. Volume | 8,624,674 |
| Market Cap | 29.489B |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -2.27 |
| Earnings Date | Jul. 23, 2020 |
| Forward Dividend & Yield | 2.80 (7.75%) |
| Ex-Dividend Date | May 28, 2020 |
| 1y Target Est | 38.33 |
- Business Wire
Dow to participate in Bernstein’s 36th Annual Strategic Decisions Conference
Jim Fitterling, chairman and chief executive officer, Dow Inc. (NYSE: DOW), will participate in a virtual fireside chat during Bernstein’s 36th Annual Strategic Decisions Conference on May 28 at 9:00 a.m. ET.
- Business Wire
Dow Announces $1 Million in Disaster Relief Funding for Flood Recovery
In response to the widespread devastation caused by extensive rain and dam failure impacting its global headquarters community, Dow (NYSE: DOW) and the Dow Company Foundation announced today $1 million of financial support for immediate relief and long-term recovery efforts associated with the flooding and its aftermath.
- Simply Wall St.
Those Who Purchased Dow (NYSE:DOW) Shares A Year Ago Have A 27% Loss To Show For It
Dow Inc. (NYSE:DOW) shareholders should be happy to see the share price up 13% in the last month. But that doesn't...
- Bloomberg
Trump Sends FEMA to Michigan as Flood Dislocates Thousands
(Bloomberg) -- President Donald Trump said he’s sending federal emergency workers to Midland, Michigan, where dam failures have flooded a Dow Inc. chemical complex and homes in a disaster that may force the evacuation of more than 10,000 people.After two days of heavy rainfall, water from Wixom Lake breached one dam yesterday evening and then another late at night. That has caused Dow to close its headquarters and the manufacturing complex while the county has evacuated 1,000 people. As water levels rise to record levels, the City of Midland started plans to evacuate 10,000 more.In his tweeted response, Trump used the moment to take a shot at Michigan Governor Gretchen Whitmer. The two have tussled over getting medical supplies to the state and Trump, along with Michigan Republicans, have pressed the Democrat to open businesses sooner.“We have sent our best Military & @fema Teams, already there,” Trump tweeted today, referring to the Federal Emergency Management Agency. “Governor must now ‘set you free’ to help. Will be with you soon!”Flooding in central Michigan is just the latest disaster to hit the state, whose new governor is already working to contain the coronavirus pandemic. Michigan is ranked seventh in cases of Covid-19 and fourth in the number of deaths.Whitmer shot back when asked about criticism from Trump and Republicans amid the twin crises. The president is scheduled to visit the state tomorrow to tour a Ford Motor Co. factory that converted to make medical supplies.“To see Twitter this morning and see rhetoric like that is disheartening,” Whitmer said at a press conference in Midland on Wednesday afternoon. “We’ve got to take politics out of this and remember that we are all Americans fighting for our lives and our economy.”Better weather today has at least given the region a break from heavy rain, but the Tittabawassee River may have crested at a record 35 feet today, said Bridgette Gransden, Midland County administrator and controller, in a phone interview. By then, Midland will probably have to evacuate a quarter of its 40,000 residents, she said.“Midland County is not a stranger to flooding,” Gransden said. “Each flood experience is different. If we need to find other arrangements to shelter more people we will.”Of the 1,000 evacuated so far, about 300 had taken up in designated shelters while others made different arrangements. The city of Midland started an evacuation order for about 10,000 people, Gransden said.The region may be seeing a reprieve from the disaster. Clear weather and a lack of rainfall has seen the flooding recede by a few inches and may have peaked, Gransden said. If the water level continues to fall, downtown Midland may not be so heavily impacted.Dow said its operations are still closed down, but the company maintains that the flooding hadn’t released any chemicals into the region’s water.“It was confirmed there were flood waters commingling with an on-site pond used for storm water and brine system/groundwater remediation,” the company said on its Facebook page. “The material from the pond commingling with the flood waters does not create any threat to residents or environmental damage.”Whitmer said it’s not clear yet how much damage the two dams have incurred and added that if the floods were the result of negligence, the state will seek recourse.The owner of the Edenville Dam had its license revoked by the Federal Energy Regulatory Commission in 2018 because “throughout its ownership of the project Boyce Hydro Power LLC repeatedly failed to comply with its license for the Edenville Project, the Commission’s regulations, and Commission orders.” The concerns included the project’s ability to withstand floods.Boyce representatives couldn’t immediately be reached for comment.“The state of Michigan is reviewing every legal recourse we can,” Whitmer said at the press conference. “We will hold people responsible. The initial readout is that this was a known problem.”Whitmer had announced an emergency declaration and told people to evacuate the area during a Tuesday night press conference, saying downtown Midland could face 9 feet of water. “To go through this in the midst of a global pandemic is almost unthinkable,” she said.The Michigan State Police said that about 130 soldiers and more than 40 specialized vehicles from the Michigan National Guard arrived in the area at about 4 a.m. to evacuate citizens, augment emergency plans and offer logistics support. The Guard’s Light Medium Tactical Vehicles are capable of driving through high water. More than 200 soldiers and additional equipment are expected to arrive throughout the day.Company TownMidland, a two-hour drive northwest of Detroit, is the very definition of a company town. Herbert Henry Dow arrived there in 1890 and founded the company, which is now the city’s major employer.The breached dams are upstream of Dow’s headquarters, forcing the chemical company to activate emergency plans as the surge of water reached its industrial complex. Dow “is implementing its flood preparedness plan which includes the safe shutdown of operating units on site,” the company said. For now, Dow says the rising water is being dealt with through on-site containment ponds.Dow rose 1.5% to $36.18 in New York on Wednesday, amid a broader rise in the stock market.The chemical giant said that “only essential Dow staff needed to monitor the situation and manage any issues as a result of the flooding remain on site.” Other companies with operations at Dow’s complex include DuPont de Nemours Inc. and Corteva Inc. The companies are working together on their response, a Dow spokesperson said.A variety of chemical and industrial products, including Styrofoam and pesticides, are made by the companies in Midland and the surrounding region by Saginaw Bay, the leg of Lake Huron that dips into Michigan’s eastern side. Dow agreed last year to pay $77 million for environmental restoration projects to make up for pollution from the Midland plant, according to the Associated Press.The Edenville Dam, at the base of nearby Wixom Lake, failed amid high floodwaters in the area, sending water gushing through a now-gaping hole near its spillway. A second one, the Sanford Dam at the base of Sanford Lake, had also failed, according to the National Weather Service, which issued an alert advising of “extremely dangerous flash flooding” in the area.The river that flows below those lakes through Midland crested at nearly 34 feet in a 1986 flood that saw Dow Chemical shutter nearly all of its local operations. Floodwaters in Midland are expected to reach nearly 4 feet higher than that on Wednesday, Gransden said.The prospect of catastrophic floodwaters at an industrial plant stirs painful memories in Michigan, which has a history of problems with toxins slipping into ground water, especially PFAS compounds. The state’s Department of Environment, Great Lakes and Energy lists 91 sites with poisonous levels of the compound in the water.In January, State Attorney General Dana Nessel filed a lawsuit against 17 defendants, including DuPont and 3M Co., for contaminating sites in Michigan. The companies have denied liability and vowed to defend themselves.(Updates with impact on residents in the 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Motley Fool
Why Dow, Alcoa, and Freeport-McMoRan Stocks Are All Hopping Today
The optimism has spilled over from the biotech sector, too, to infect (in a good way) stocks as far away as the basic materials sectors of chemicals (Dow Chemical (NYSE: DOW) up 9.4% in 1:45 p.m. EDT trading), copper (Freeport-McMoRan (NYSE: FCX) up 8.4%), and aluminum, too, with Alcoa (NYSE: AA) shares up an astounding 16.3%! After all, it was only four days ago that Alcoa CEO Roy Harvey told Bloomberg that Alcoa lacks "the clarity [or] the orders on the books, to signal that there is a definitive recovery coming."
- Business Wire
Dow collaborates with multiple partners to develop and donate Level 2 medical isolation gowns
For healthcare professionals battling the COVID-19 pandemic, isolation gowns are among the most used and needed personal protective equipment (PPE). In response to this critical need, Dow (NYSE: DOW) collaborated with nine key partners across a myriad of industries to develop and donate 100,000 isolation gowns to help frontline workers in Texas, Louisiana and Mexico.
- Business Wire
Dow to participate in Goldman Sachs Industrials and Materials Conference 2020
Howard Ungerleider, president and chief financial officer, Dow Inc. (NYSE: DOW), will participate in a virtual fireside chat during the Goldman Sachs Industrials and Materials Conference 2020 on May 14 at 8:50 a.m. ET.
- Business Wire
Dow moves up to #22 on 2020 Top 50 Companies for Diversity list
Dow (NYSE: DOW) earned the 22nd place on the 2020 DiversityInc Top 50 Companies for Diversity list, which was announced yesterday at a virtual event hosted by DiversityInc. The Company’s placement on the list for the third consecutive year showcases its commitment to inclusion and diversity (I&D) as a business imperative.
- Baystreet
Stocks Down on Day, Up on Week
Stocks in Canada’s largest centre continued substantially Friday on U.S. President Donald Trump's threat ...
- Motley Fool
Dow Chemical Co (DOW) Q1 2020 Earnings Call Transcript
DOW earnings call for the period ending March 31, 2020.
- Bloomberg
Boeing and Bond Traders Brace for Junk
(Bloomberg Opinion) -- Both Boeing Co. and bond traders appear to be bracing for a downgrade of the aerospace giant to a junk credit rating. The planemaker is launching a jumbo bond deal that could ultimately raise as much as $20 billion for the company, depending on demand, a person with knowledge of the matter told Bloomberg News. Just a day earlier, Boeing had pledged to explore “all of the available options” to secure sufficient liquidity to weather an unprecedented slump in travel demand that CEO Dave Calhoun has warned could last for three years. S&P Global Ratings lowered its rating on the company’s debt on Wednesday to BBB-, the lowest tier of investment grade, citing expectations for weaker cash flow and earnings over the next few years as Boeing grapples with not only the coronavirus but also the ongoing grounding of its 737 Max jet and production issues with its KC-46 military tanker. The bond deal is being marketed in seven parts, with portions due in three, five, seven, 10, 20, 30 and 40 years. Initial price talk suggests Boeing will have to offer yields more than 500 basis points above Treasuries across maturities. Those are much wider spreads than current secondary-market trading would indicate and are more in line with levels last seen during the depths of the market swoon a month ago.A Bloomberg Barclays index of double-B rated corporate bonds, with an average maturity of about seven years, has a spread of 535 basis points more than Treasuries. Triple-B securities on average yield 266 basis points more than their benchmark. It suggests bankers are going with the tried-and-true strategy of luring in investors with elevated premiums and then tightening pricing before the deal closes. Indeed, in less than four hours, Boeing reportedly received $50 billion of orders for the offering.Arguably the most interesting part of this particular offering is that it comes with a so-called coupon step-up provision. What this means is that under the terms of the deal, Boeing would increase interest payments by 25 basis points each time S&P or Moody’s Investors Service lowered its credit rating by one level into speculative grade. For example, if both S&P and Moody’s downgraded Boeing to their highest speculative grades, BB+ and Ba1, respectively, the coupon would increase by 50 basis points. If S&P alone cut the company by two steps from its current BBB- level, to BB, that also would be worth a 50-basis-point hike in interest. It’s capped at 100 basis points per credit-rating company and 200 basis points in total. This structure has become something of a trend lately for companies teetering on the edge of junk, particularly those in travel-related businesses that have been hard hit by coronavirus lockdowns and a shuttering of global borders. Expedia Group Inc., Marriott International Inc. and Hyatt Hotels Corp. are among those that have used it. Both sides benefit from such an arrangement: Bond buyers get added downside protection to help offset the typical price declines when a company becomes a “fallen angel,” while the firms are likely able to raise more cash than they otherwise could and have yet another reason to defend their investment grades. But another way to read it is that there is a legitimate concern among bond investors about whether the lasting fallout from the coronavirus pandemic may jeopardize these investment-grade credit ratings, and an acknowledgement by the companies of that reality.Asked on Boeing’s earnings call Wednesday how important it was for the company to remain investment-grade, Chief Financial Officer Greg Smith offered less of a hard commitment and more of a preference and acceptance of the fact that the ultimate fate of its rating was somewhat out of its hands. “Certainly, we would like to maintain being investment grade, and I think as you’ve heard and seen, we’re doing everything possible to do that. But look, the market is probably going to impact that more than anything,” Smith said. “At the end of the day, it's going to be what it’s going to be.”While Boeing is eligible to participate in a $17 billion bucket of government stimulus money dedicated to companies involved in work critical to national security and says it’s still reviewing its options on that front, Calhoun has balked at the Treasury Department’s demands for an equity stake and has indicated the mere existence of the $2 trillion CARES package and a Federal Reserve bond-buying program is helping open up the credit markets to companies like his. Boeing ended the first quarter with $15.5 billion in cash and marketable securities after drawing down the full amount of a $13.8 billion term loan, but CFO Smith acknowledged Boeing’s daily cash burn since the end of March was eating into that cushion.Boeing churned through $4.7 billion of cash in the first quarter and said free cash flow will be negative for the year. It does expect that metric to swing to the positive in 2021, although the degree of improvement will be limited by plans to significantly curtail production, particularly on the grounded 737 Max. S&P in its downgrade said it now expects Boeing to generate as much as $10 billion of positive free cash flow next year, after burning through as much as $20 billion in 2020. It had previously expected as much as $14 billion in free cash flow in 2021. A Bloomberg measure of default risk, which incorporates share price and volatility, debt levels, interest expense and trailing 12-month cash flow, deems the company deep into high-yield territory, well below its actual credit ratings from S&P and Moody’sThe history of coupon step-up provisions during the last recession paints a mixed picture. According to data compiled by Bloomberg, these were the three biggest bond sales from December 2007 to June 2009 that had such clauses:Dow Chemical Co. sold $6 billion of debt in May 2009. The notes were rated Baa3 and BBB-. The company never fell to junk. Altria Group Inc. sold $6 billion of notes in November 2008, in what was then the company's biggest ever deal and the largest in the U.S. market since well before the onset of the financial crisis. The debt was rated Baa1 and BBB+. The company never fell to junk. International Paper Co. sold $3 billion of notes in May 2008, in what was its largest debt offering in eight years. The securities were rated Baa3 and BBB. The company never fell to junk.Of course, there were companies that didn’t fare as well. Notably, Residential Capital LLC, the mortgage lending unit of GMAC LLC, sold $1.25 billion of notes maturing in five years in May 2007 with a coupon step-up for downgrades. Not surprisingly, ResCap defaulted on its debt. For investors, the question is whether aerospace companies are this crisis’s equivalent to mortgage lenders, destined to be permanently wounded by the coronavirus impact on travel demand, or if Boeing is still a blue-chip company that can weather any storm.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Zacks
Dow's (DOW) Earnings Lag Estimates in Q1, Revenues Beat
Dow (DOW) saw lower margins in the polyurethanes and silicones chains as well as reduced equity earnings in Q1.
- Zacks
Dow's (DOW) Earnings Miss, Sales Beat Estimates in Q1
Dow's (DOW) adjusted earnings of 59 cents per share for Q1 trailed the Zacks Consensus Estimate of 60 cents.
- Newsfile
Circulate Capital Announces Inaugural Investments That Will Help South and Southeast Asian SMEs to Combat Ocean Plastic and Weather the COVID-19 Crisis
Invests US$6 million in two companies in India and Indonesia that recycle local plastic waste into useful products Singapore, Singapore--(Newsfile Corp. - April 28, 2020) - Circulate Capital, the Singapore-based investment management company focused on advancing the circular economy, today announced that the Circulate Capital Ocean Fund (CCOF), the world's first investment fund dedicated to the ocean plastic crisis in South and Southeast Asia, has made its inaugural investments in two plastic recycling companies ...
- Zacks
Dow (DOW) Warms Up to Q1 Earnings: What's in the Cards?
Dow (DOW) is likely to have faced headwinds from lower equity earnings, soft demand across certain markets and higher pension expenses in Q1.
- Yahoo Finance
Earnings extravaganza, FOMC meeting, Q1 GDP: What to know in the week ahead
Investors are bracing for a busy week ahead packed with events that have market-moving potential.
- Zacks
Chemical Stock Earnings Due for Next Week: PPG, CE & More
Let's take a look at how these chemical companies are poised ahead of their earnings release.
- Zacks
What Lies Ahead for Materials ETFs in Q1 Earnings?
While the major players seem to have less chances of beating earnings estimates, investors could still bet on Q1 earnings via ETFs.
- Oilprice.com
The Next Big Thing For The Petrochemical Industry
Several big oil players have made huge multi-billion bets on petrochemicals, and are now looking at alternatives to make this boot sector more sustainable
- Business Wire
Dow develops simplified, lightweight design for face shields to help protect healthcare professionals, shares open-source design to encourage additional production
To help address the urgent need for personal protective equipment (PPE) among healthcare professionals battling the COVID-19 pandemic, Dow (NYSE: DOW) has developed a simplified face shield design and is sharing its design through an open-source file to help accelerate production rates of this critically-needed PPE. In addition, the Company is collaborating to produce 100,000 face shields for donation to the state of Michigan for distribution to hospitals.
Yahoo Finance VideoWhirlpool builds respirators for healthcare workers, 'to replace N95 masks and visor'
Christian Gianni, Whirlpool VP of Technology, joins Yahoo Finance's Alexis Christoforous and Brian Sozzi to discuss the creation of respirators, alongside its partner Dow and Reynolds Consumer Products. Gianni also weighs in the potential for future innovation at Whirlpool.
Yahoo Finance VideoWe could still see a V-Shaped recovery: Expert
Head of Macro Strategy at Academy Securities Peter Tchir joins Yahoo Finance’s Seana Smith to break down his outlook on the markets as coronavirus cases surpass 1.5M in the U.S., according to John Hopkins.
Yahoo Finance VideoMarket Recap: Wednesday, May 13
Stocks fell Wednesday, with declines in the three major indices accelerating into the last hour of trading, as traders digested commentary from Federal Reserve Chair Jerome Powell.
Yahoo Finance VideoStocks surge despite another grim jobless claims report
EventShares Chief Investment Officer Ben Phillips joins Yahoo Finance’s Seana Smith to discuss the additional 3.169 million Americans that filed for unemployment last week amid the coronavirus.
Yahoo Finance VideoMarket Recap: Thursday, April 30
Stocks fell Thursday after the Labor Department’s latest print on new weekly jobless claims showed a greater than expected 3.8 million individuals filed for initial unemployment insurance last week. However, rallies earlier in the month pushed the S&P 500 to post its best monthly gain since 1987. The blue-chip index was up 12.68% for April. The Dow rose 11% for April, and the Nasdaq jumped 15.45%.
