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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dow Inc | NYSE:DOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.63 | 0 | 01:00:00 |
Recently, the European Union approved Dow Chemical Co.'s (DOW) biotech cotton variety and Syngenta AG’s three genetically modified corn varieties, for food and feed use, import and processing.
The crops were approved by the European Commission, the EU's regulatory arm, after member states failed to provide a qualified majority either in favor or against the approvals.
According to the Commission, the authorizations are valid for 10 years and will be subject to the EU's labelling and traceability rules. The approvals do not allow cultivation of crops in the 27-nation bloc.
The approved Syngenta corns are MIR604 x GA 21, Bt11 x MIR604 and Bt11 x MIR604 x GA21, all of which combine insect-resistant traits with herbicide tolerance. The Dow cotton variety authorized by the commission is 281-24-236 x 3006-210-23, which has insect resistance built in.
In October 2011, Dow earned 69 cents per share in the third quarter of 2011, ahead of the Zacks Consensus Estimate of 64 cents as well as last year’s 45 cents. However, including one-time charges, the company earned 62 cents per share compared with 54 cents in the year-ago quarter.
Quarterly revenues jumped 17% year over year to $15.1 billion and were above the Zacks Consensus Estimate of $14.7 billion, driven by double-digit gains in all its operating segments and geographic areas, with the largest growth in Latin America (21%) and Europe, Middle East and Africa (EMEA) (19%). In the emerging geographies, sales reached $5 billion, a new quarterly record for the company.
Dow did not provide any financial guidance. However, the company expects demand to improve further, especially in Asia with the global economic recovery. The US and European markets have also started showing signs of improvement. Dow is also optimistic on major consumer-markets, including electronics, coatings, automotive and packaging. However, construction markets are expected to remain weak.
DOW faces stiff competition from EI DuPont de Nemours & Co. (DD).
Currently, Dow has a short-term (1 to 3 months) Zacks #4 Rank (Sell) and a long- term Neutral recommendation.
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