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Chemical stocks pull back on OPEC supply cut and profit warnings: Deutsche Bank upgrades Dow, Praxair and Air Products on price correction.(Financial)(stock analysis)
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Chemical Market Reporter
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October 6, 2003
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Copyright informationCOPYRIGHT 2003 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WITH THIRD quarter profit warnings flora key players such as DuPont and Rohm and Haas and a spike up in oil prices following the Organization of the Petroleum Exporting Countries' (OPEC) announcement of supply cutbacks, chemical stocks have pulled back from recent highs achieved in late August and early September. This could mean potential opportunity if the industrial economy recovers into 2004 as many economists and analysts expect.
After breaking $45 in September, shares of DuPont have slipped below the $40 level after warning that third quarter earnings will come in far short of Wall Street estimates. Rohm and Haas Company is trading at around $33, off its September ...
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