Akzo Nobel shares extended gains to a record high Friday as investors bet that PPG Industries’ $22 billion bid will unlock value in the previously dormant stock. Akzo Nobel NV shares extended gains to a record high Friday as investors bet that PPG Industries ‘ $22 billion bid for the Dutch chemicals group will unlock value in the previously dormant stock.
Category: Chemicals
Bayer, Monsanto Initiate $2.5 Billion Asset Sale
Artificial crop and chemical manufacturers Bayer and Monsanto are selling off assets worth about $2.5 billion as they seek regulatory approval for their $66 billion merger. The divestiture is about $1 billion more than the $1.6 billion they had previously said they expected to have to divest.
3M’s an Income Buy That’s Going Higher
There’s no denying 3M’s enduring ability to drive value. Over the past 15 years, the company has outperformed other diversified industrial companies as well as the S&P 500 What’s most reassuring about 3M is its rock-solid dividend , which it has raised for nearly six decades.
Trump Cheers Exxon’s Plan to Create 45,000 Jobs
Exxon Mobil will spend $20 billion by 2022 to expand its footprint along the U.S. Gulf Coast, creating more than 45,000 jobs. The world’s largest publicly traded oil company said Monday it will invest in refining and chemical-manufacturing projects at 11 proposed and existing sites, located in Texas and Louisiana.
Analysts’ Actions — FedEx, GoPro, Garmin, HP and More
Akorn was downgraded to hold at Deutsche Bank. $24 price target. Earnings estimates were also cut, given lower expected ephedrine sales, Deutsche said.
Prosecutor Says Samsung Scandal a Sign of – Chronic Corruption’
South Korea’s special prosecutor accused Jay Y. Lee and other Samsung Group executives of conspiring to create fake documents to mask millions of dollars in bribes funneled to a confidante of the nation’s president. Lee, the de facto head of Samsung, is alleged to have committed perjury when he said he didn’t know his company had paid money to entities controlled by Choi Soon-sil, and that he wasn’t asked by President Park Geun-hye to provide financial support.
Dow Chemical Subsidiary Must Pay $456 Million Award to Bayer
A federal appeals court ruled that a Dow Chemical subsidiary must pay $456 million for violating a patent licensing agreement with Bayer AG , affirming a lower court ruling. Jim Cramer ponders what motivates someone to call a market top, and talks about how the market could be playing ‘The Price Is Wrong.’
Bayer Sells $1.5 Billion in Covestro Stock to Trim Debt
Bayer AG sold 1.46 billion euros worth of shares in plastics maker Covestro AG to gain financial leeway as it seeks clearance for its $66 billion takeover of agriculture giant Monsanto Co. Bayer sold 22 million shares for 66.50 euros each, paring its stake in its former division to 53.3 percent, the German conglomerate said in a statement on Wednesday.
Korean Prosecutors to Indict Samsung Heir on Graft Charges
South Korea’s special prosecutor plans to indict Jay Y. Lee, the de facto head of Samsung Group, on bribery charges in the latest blow to the country’s largest conglomerate amid a generational handover. Lee will stand trial over accusations he participated in bribes made in exchange for government favors, with formal changes to be filed Tuesday against him and four other executives.
Samsung Group chief to be charged with bribery, embezzlement amid scandal
Lee Kyu-chul, spokesperson for the independent counsel team, speaks during a media briefing at its office in Seoul, South Korea February 28, 2017. Lee Kyu-chul, spokesperson for the independent counsel team, speaks during a media briefing at its office in Seoul, South Korea February 28, 2017.
Korean Prosecutors to Indict Samsung Heir on Graft Charges
South Korea’s special prosecutor plans to indict Jay Y. Lee, the de facto head of Samsung Group, on bribery charges along with four other executives, dealing a blow to the country’s largest conglomerate as it prepares for a generational handover. Formal charges would mean Lee stands trial over accusations of involvement in bribes for government favors.
Chevron, Exxon Mobil Lag Crude Oil on Declining Momentum in the Energy Sector
Nymex crude oil has a positive but overbought weekly chart, while the energy sector ETF and shares of Chevron and Exxon Mobil have negative weekly charts. Remember when the ups and downs of Nymex crude oil correlated with the ups and downs of the stock market? This dynamic was a characteristic of the stock market for most of 2016.
S&P, Nasdaq Dip Ahead of Fed Minutes; Dow Hits Record High
The S&P 500 and the Nasdaq slipped on Wednesday as investors awaited the Federal Reserve’s minutes from its most recent meeting for clues on the timing of the next interest rate hike. However, the Dow Jones Industrial Average hit a record intraday high for the eighth time in nine sessions, powered by a 4 percent gain in DuPont shares.
S&P, Nasdaq Dip Ahead of Fed Minutes; Dow Hits Record High
The S&P 500 and the Nasdaq slipped on Wednesday as investors awaited the Federal Reserve’s minutes from its most recent meeting for clues on the timing of the next interest rate hike. However, the Dow Jones Industrial Average hit a record intraday high for the eighth time in nine sessions, powered by a 4 percent gain in DuPont shares.
Exxon Mobil Reportedly Resumes Nigerian Layoffs
Exxon Mobil reportedly laid off 89 workers mainly at its Qua Iboe terminal in south-eastern Nigeria, according to an anonymous source. Workers in Nigeria ended a strike at the company’s headquarters in the country in December following the firing of more than 100 employees.
Rogers Corp. posts 4Q profit
The Rogers, Connecticut-based company said it had net income of 65 cents per share. Earnings, adjusted for non-recurring costs, were 94 cents per share.
Samsung Chief Lee Arrested as South Korean Corruption Probe Deepens
Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal rocking the highest levels of power in South Korea, dealing a fresh blow to the world’s biggest maker of smartphones and memory chips. The 48-year-old Lee, scion of the country’s richest family, was taken into custody at the Seoul Detention Centre after waiting there overnight for the decision.
Trump could approve a giant merger that’s scaring American…
By the time President Donald Trump took office, he had already gotten involved in one of the world’s biggest mergers. In mid-January, the CEOs of Bayer and Monsanto, Werner Baumann and Hugh Grant, reported in a joint statement that they had a “very productive meeting” with the incoming president about their potential $66 billion merger.
Here’s Why CF Industries Stock Gained 10.7% in January
In addition, long-beaten-down investors are finally seeing the light for a recovery in agricultural nutrient prices. The stock had a ho-hum start to 2017 until analysts at B of A Merrill Lynch changed their rating from hold to buy on January 20, citing likely improvements in earnings starting this year.
XLE, SVXY: Big ETF Outflows
Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Energy Select Sector SPDR Fund , where 1,750,000 units were destroyed, or a 0.7% decrease week over week. Among the largest underlying components of XLE, in morning trading today Exxon Mobil is down about 0.6%, and Chevron is lower by about 1.5%.
California clears hurdle for cancer warning label on Roundup
California can require Monsanto to label its popular weed-killer Roundup as a possible cancer threat despite an insistence from the chemical giant that it poses no risk to people, a judge tentatively ruled Friday. Monsanto had sued the nation’s leading agricultural state, saying California officials illegally based their decision for carrying the warnings on an international health organization based in France.
California clears hurdle for cancer warning label on Roundup
California can require Monsanto to label its popular weed-killer Roundup as a possible cancer threat despite an insistence from the chemical giant that it poses no risk to people, a judge tentatively ruled Friday. Monsanto had sued the nation’s leading agricultural state, saying California officials illegally based their decision for carrying the warnings on an international health organization based in France.
Dow Chemical Crushes Estimates, Looks Toward Closing $130 Billion Mega Merger
Dow Chemical posted stronger-than-expected fourth-quarter operating earnings and revenue Thursday and said it remains focused on the closing of its $130 billion merger with DuPont Operating earnings for the three months ended in December were 99 cents a share, the company said, well ahead of estimates of 88 cents, and up 6.45% from the same period last year. Headline results, however, indicated a quarterly loss of 3 cents a share.
Why Cemex, CF Industries, and Noble Corp. Jumped Today
The stock market closed the week on a positive note on Friday, as major market benchmarks climbed between 0.25% and 0.5% on the day. Many market participants focused on the inauguration festivities in Washington, but the fact that today was an options expiration day added to volume on what would otherwise have likely been a fairly quiet trading day.
AQMD proposes ban on toxic hydrofluoric acid at South Bay refineries
Aftermath of Exxon/Mobil explosion and fire at Torrance refinery, Feb. 18, 2015. File photo.
The Latest: In Davos, Trump adviser rebuts isolationism talk
John Cryan, Chief Executive Officer of Deutsche Bank, speaks during a panel session on the first day of the 47th annual meeting of the World Economic Forum, WEF, in Davos, Switzerland, Tuesday, Jan. 17, 2017. ( CEO of The Dow Chemical Company Andrew N. Liveris gestures as he speaks during a panel ‘Size matters: The Future of Big Business’ at the ‘World Economic Forum’ in Davos, Switzerland, Tuesday, Jan. 17, 2017.
Samsung Succession in Disarray as Lee Criminal Case Advances
The long-orchestrated plan to cement Jay Y. Lee’s position atop Samsung Group may put him in jail instead, raising questions about who would step in to run South Korea’s biggest conglomerate in the aftermath. Prosecutors are seeking Lee’s arrest on allegations including bribery and embezzlement, which if proven could prompt him to relinquish duties at the family business.
Samsung Succession in Disarray as Lee Criminal Case Advances
The long-orchestrated plan to cement Jay Y. Lee’s position atop Samsung Group may put him in jail instead, raising questions about who would step in to run South Korea’s biggest conglomerate in the aftermath. Prosecutors are seeking Lee’s arrest on allegations including bribery and embezzlement, which if proven could prompt him to relinquish duties at the family business.
French M&A Fund Bets on Successful Deal in Syngenta Takeover
That’s according to OFI Asset Management, a Paris-based investor who’s looking to win big betting on a successful takeover of the Swiss pesticide maker. Even after a 11 percent rally in two months, Syngenta is still around 14 percent below ChemChina’s offer price of about $470 per share, which is composed of cash and a special dividend.
Special Prosecutors Question Samsung’s Lee in Bribery Probe
Special prosecutors began questioning Samsung Electronics Co. Vice Chairman Jay Y. Lee on Thursday as a suspect in a bribery investigation, deepening an influence-peddling scandal that has already led to the impeachment of South Korea’s president.
Judge: Exxon Mobil must give documents to attorney general
Exxon Mobil has been ordered to hand over documents related to a state investigation into whether it misled the public about the impact of fossil fuels on the climate. Wednesday’s decision by a Suffolk Superior Court judge is a win for Attorney General Maura Healey, who’s trying to determine if the company deceived investors and consumers by hiding what it knew about the link between burning fossil fuels and climate change.
An $830,000 Horse, a Presidential Scandal and Samsung Succession
Samsung Group is getting pulled deeper into the scandal engulfing South Korea’s president with prosecutors homing in on whether an $830,000 horse and millions in other payments were made to smooth succession at the top of the country’s largest company. Special prosecutors summoned two top Samsung executives to answer questions Monday about the company’s role in an alleged influence-peddling scheme that has already led to President Park Geun-hye’s impeachment.
Exxon Cashes Out Ex-CEO Tillerson
Exxon Mobil has awarded former Chief Executive Rex Tillerson a $180 million retirement package as the company moves to break financial ties with President-elect Donald Trump’s nominee for secretary of state. If Mr. Tillerson is confirmed, Exxon will transfer the equivalent value of two million unvested shares that he was set to receive at his previously expected retirement in March into a trust, according to the company.
Sherwin-Williams Could Paint the Town
Year to date, shares of Sherwin-Williams are up 4.9%. In March, the company agreed to acquire fellow paintmaker Valspar .
How to Trade Chevron, Exxon Mobil as They Lag Crude Oil
As crude oil sets new 2016 highs, so do shares of Chevron and Exxon Mobil, with Chevron eking out a new high on Wednesday. Here’s how to trade them.
Warren Buffett’s Berkshire Hathaway (BRK.A) Gains Ahead of Dow Chemical Stock Conversion
The chemical giant plans to convert Berkshire Hathaway’s 3 million shares of preferred stock into common stock by year’s end. Shares of Warren Buffett’s Berkshire Hathaway were up .44% to $247,500 in Monday morning trading as the market reacted to Dow Chemical’s Friday announcement that it will convert the conglomerate’s preferred stock stake in the company into common stock by the end of the year.